Source: https://www.nysenate.gov/legislation/bills/2019/s8427
Timestamp: 2020-07-12 14:08:33
Document Index: 242356878

Matched Legal Cases: ['§61', '§512', '§1266', '§13', '§  61', '§ 2', '§ 361', '§ 3', '§ 509', '§ 4', '§  607', '§  5', '§  6', '§ 7', '§ 8', '§  13', '§ 9', '§  13', '§  10', '§ 13', '§ 11', '§  13', '§ 12', '§ 13', '§  14']

NY State Senate Bill S8427
senate Bill S8427
Get Status Alerts for S8427
May 30, 2020 signed chap.89
ordered to third reading rules cal.59
substituted for a10528
ordered to third reading cal.672
S8427 (ACTIVE) - Details
Add §§61-b, 361-b, 509-a & 607-i, R & SS L; amd §§512 & 2575, Ed L; amd §1266-h, Pub Auth L; add §§13-149.1, 13-244.1, 13-347.1 & 13-544.1, NYC Ad Cd
S8427 (ACTIVE) - Summary
Establishes a coronavirus disease 2019 (COVID-19) public employee death benefit for individuals who reported to their usual place of employment or an alternate worksite at the direction of their employer on or after March 1, 2020 and such individual contracted COVID-19 within 45 days of reporting to such workplace as confirmed by a laboratory test or by a licensed physician and such individual died on or before December 31, 2020.
S8427 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8427
An act to amend the retirement and social security law, the education
law, the public authorities law and the administrative code of the city
of New York, in relation to establishing a coronavirus disease 2019
(COVID-19) benefit for public employee death benefits; and providing for
To provide an accidental death benefits to the statutory beneficiaries
of all public employees (state and local) who worked on or after March
1, 2020, contracted COVID-19, and died of COVID-19 on or before December
The bill provides protections for the statutory beneficiaries of public
employees who died of COVID-19 after working in person on or after March
Section 1 specifies that the statutory beneficiary of any public employ-
ee enrolled in the New York State Employees' Retirement System (NYSERS)
will receive an accidental death benefit with the following limited
1. The employee worked on or after March 1, 2020.
2. The employee worked in person, whether at the normal place of work or
at another assigned place of work.
3. The employee contracted COVID-19.
4. The employee died on or before December 31, 2020.
5. COVID-19 caused or contributed to the member's death.
The employee's statutory beneficiary does not need to prove that the
employee contracted COVID-19 at the work place. The only required proof
is: (1) a physician, nurse practitioner, or physician's assistant diag-
nosed COVID-19 or a diagnostic test confirmed COVID-19; and either the
death certificate states that COVID-19 caused or contributed to death or
a physician, nurse practitioner, or physician's assistant certifies that
COVID-19 caused or contributed to the death. Once the statutory benefi-
ciary demonstrates the proof above, the accidental death benefit is
Section 2 specifies the same benefit shall be granted under the same
circumstances to the statutory beneficiary of any public employee
enrolled in the New York State Police and Fire Retirement System
(NYSPFRS).
Section 3 specifies the same benefit shall be granted under the same
enrolled as tier III members in the New York State and NYC public
Section 4 specifies the same benefit shall be granted under the same
enrolled as tier IV, V, and VI members of the NYSERS, the New York State
Teachers' Retirement System (NYSTRS), the New York City Employees
Retirement System (NYCERS), the New York City Teachers' Retirement
System (NYCTRS), and the New York City Board of Education Retirement
System (NYCBERS). Section 5 specifies the same benefit shall be granted
under the same circumstances to the statutory beneficiary of any public
employee enrolled as tier I and II members of the NYSTRS. Section 6
specifies the same benefit shall be granted under the same circumstances
to the statutory beneficiary of any public employee enrolled as tier I
and II members of NYCBERS. Section 7 specifies the same benefit shall be
granted under the same circumstances to the statutory beneficiary of any
public employee enrolled in the Metropolitan Transportation Authority
Police Retirement Plan.
Section 8 specifies the same benefit shall be granted under the same
enrolled as tier I and II members of NYCERS. Section 9 specifies the
same benefit shall be granted under the same circumstances to the statu-
tory beneficiary of any public employee enrolled as tier I and II
members of the New York City Police Pension Fund.
Section 10 specifies the same benefit shall be granted under the same
enrolled as tier I and II members of the New York City Fire Pension
Section 11 specifies the same benefit shall be granted under the same
enrolled as tier I and II members of NYCTRS. Section 12 authorizes the
heads and boards of the respective retirement systems to promulgate
Section 13 provides that none of the provisions of this act shall be
subject to section 25 of the retirement and social security law.
Section 14 states that the bill shall take effect immediately but shall
be deemed to have been in effect on March 1, 2020, and the provisions of
the bill expires on December 31, 2020.  Existing Law:  Current law
allows for the statutory beneficiaries of members of state and local
retirement plans to receive accidental death benefits only under narrow
The essential public workers who have showed up to work on the front
lines during the COVID19 public health emergency have been critical to
the functioning of New York, and the citizens of New York owe an enor-
mous amount of gratitude to each of them. For the families of the public
workers who died as a result of COVID-19, the financial uncertainty that
follows such a tragedy must be mitigated. This bill will create certain-
ty for these families by mandating that they receive an accidental death
benefit from the state and local retirement plans.
This bill provides an automatic benefit to the families of our front
line workers impacted by this virus, and will apply to all workers who
passed away after March 1, 2020, when the first case of COVID-19 was
detected in the state.
Additional appropriations are not required in FY 2021.
The act takes effect immediately but is deemed to have been in full
effect on March 1, 2020.
S8427 (ACTIVE) - Bill Text download pdf
Introduced  by Sens. GOUNARDES, HARCKHAM -- (at request of the Governor)
law,  the  public  authorities  law and the administrative code of the
city of New York, in relation to establishing  a  coronavirus  disease
2019  (COVID-19)  benefit  for  public  employee  death  benefits; and
a new section 61-b to read as follows:
§  61-B.  COVID-19  BENEFIT. A. NOTWITHSTANDING ANY OTHER PROVISION OF
THIS ARTICLE OR OF ANY GENERAL, SPECIAL OR LOCAL LAW  TO  THE  CONTRARY,
AND SOLELY FOR THE PURPOSE OF DETERMINING ELIGIBILITY FOR BENEFITS UNDER
THIS SECTION, WHERE:
1.  A MEMBER REPORTED IN PERSON TO SUCH MEMBER'S USUAL PLACE OF PUBLIC
EMPLOYMENT AT THE DIRECTION OF SUCH MEMBER'S PUBLIC EMPLOYER OR  TO  ANY
ALTERNATE  WORKSITE  AS  DIRECTED  BY  SUCH PUBLIC EMPLOYER, ON OR AFTER
MARCH FIRST, TWO THOUSAND TWENTY, PROVIDED THAT SUCH ALTERNATE  WORKSITE
WAS NOT SUCH MEMBER'S HOME OR RESIDENCE;
2.  SUCH  MEMBER  CONTRACTED  COVID-19  WITHIN  FORTY-FIVE  DAYS AFTER
REPORTING TO WORK AS DESCRIBED IN PARAGRAPH ONE OF THIS  SUBDIVISION  AS
CONFIRMED  BY A POSITIVE LABORATORY TEST OR AS DIAGNOSED BEFORE OR AFTER
SUCH MEMBER'S DEATH BY A LICENSED, CERTIFIED, REGISTERED  OR  AUTHORIZED
PHYSICIAN,  NURSE  PRACTITIONER,  OR  PHYSICIAN'S ASSISTANT CURRENTLY IN
GOOD STANDING IN ANY STATE OR THE DISTRICT OF COLUMBIA, OR A  PHYSICIAN,
NURSE  PRACTITIONER,  OR PHYSICIAN'S ASSISTANT AUTHORIZED TO PRACTICE IN
NEW YORK BY EXECUTIVE ORDER DURING THE DECLARED COVID-19 STATE OF  EMER-
GENCY; AND
3.  SUCH  MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO THOUSAND
TWENTY, AND COVID-19 CAUSED OR CONTRIBUTED TO SUCH  MEMBER'S  DEATH,  AS
DOCUMENTED  ON  SUCH  MEMBER'S  DEATH  CERTIFICATE, OR AS CERTIFIED BY A
LBD12055-04-0
S. 8427                             2
PHYSICIAN, NURSE PRACTITIONER, OR  PHYSICIAN'S  ASSISTANT  DESCRIBED  IN
PARAGRAPH  TWO  OF  THIS  SUBDIVISION  WHO  DETERMINES WITH A REASONABLE
DEGREE OF MEDICAL CERTAINTY THAT COVID-19 CAUSED OR CONTRIBUTED  TO  THE
MEMBER'S  DEATH,  SUCH  MEMBER'S  STATUTORY BENEFICIARY SHALL RECEIVE AN
ACCIDENTAL DEATH BENEFIT, UNLESS SUCH STATUTORY  BENEFICIARY  ELECTS  TO
RECEIVE AN ORDINARY DEATH BENEFIT.
B.  ANY AMOUNT PAYABLE AS A RESULT OF THIS SECTION SHALL BE REDUCED BY
ANY AMOUNT PAID BY SUCH MEMBER'S RETIREMENT SYSTEM TO ANY  RECIPIENT  OF
ORDINARY DEATH BENEFITS UNDER THIS ARTICLE.
C. 1. NOTWITHSTANDING ANY PROVISION OF THIS ARTICLE OR OF ANY GENERAL,
SPECIAL  OR  LOCAL  LAW  TO  THE CONTRARY, AND SOLELY FOR THE PURPOSE OF
DETERMINING ELIGIBILITY FOR BENEFITS UNDER THIS SECTION, WHERE A MEMBER:
(I) RETIRED FROM HIS OR HER RETIREMENT SYSTEM ON OR AFTER MARCH FIRST,
TWO THOUSAND TWENTY, AND BEFORE JULY FIRST, TWO THOUSAND TWENTY;
(II) ON OR AFTER MARCH FIRST, TWO THOUSAND TWENTY, REPORTED IN  PERSON
TO  SUCH  MEMBER'S  USUAL PLACE OF PUBLIC EMPLOYMENT AT THE DIRECTION OF
SUCH MEMBER'S PUBLIC EMPLOYER OR TO ANY ALTERNATE WORKSITE  AS  DIRECTED
BY  SUCH  PUBLIC EMPLOYER, PROVIDED THAT SUCH ALTERNATE WORKSITE WAS NOT
SUCH MEMBER'S HOME OR RESIDENCE;
(III) CONTRACTED COVID-19 WITHIN FORTY-FIVE DAYS AFTER ANY  SUCH  DATE
OF  REPORTING  TO  WORK IN PERSON, AS CONFIRMED BY A POSITIVE LABORATORY
TEST OR AS DIAGNOSED BEFORE OR AFTER SUCH MEMBER'S DEATH BY A  LICENSED,
CERTIFIED,  REGISTERED  OR  AUTHORIZED PHYSICIAN, NURSE PRACTITIONER, OR
PHYSICIAN'S ASSISTANT CURRENTLY IN GOOD STANDING IN  ANY  STATE  OR  THE
DISTRICT OF COLUMBIA, OR A PHYSICIAN, NURSE PRACTITIONER, OR PHYSICIAN'S
ASSISTANT  AUTHORIZED  TO PRACTICE IN NEW YORK BY EXECUTIVE ORDER DURING
THE DECLARED COVID-19 STATE OF EMERGENCY; AND
(IV) SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO THOUSAND
SUBPARAGRAPH  (III)  OF  THIS PARAGRAPH WHO DETERMINES WITH A REASONABLE
ACCIDENTAL DEATH BENEFIT IF SUCH STATUTORY BENEFICIARY ELECTS CONVERSION
OF THE MEMBER'S SERVICE OR DISABILITY RETIREMENT BENEFIT INTO  AN  ACCI-
DENTAL DEATH BENEFIT.
2. SUCH MEMBER'S STATUTORY BENEFICIARY, AS DEFINED UNDER THIS ARTICLE,
FOR  PURPOSES  OF  ACCIDENTAL  DEATH BENEFITS PAYABLE FROM SUCH MEMBER'S
RETIREMENT SYSTEM UNDER THIS ARTICLE, MAY, WITHIN NINETY  DAYS  OF  SUCH
MEMBER'S  RETIREMENT  OR SEPTEMBER FIRST, TWO THOUSAND TWENTY, WHICHEVER
IS LATER, APPLY TO  SUCH  MEMBER'S  RETIREMENT  SYSTEM  TO  REQUEST  THE
CONVERSION  OF  SUCH  MEMBER'S  SERVICE OR DISABILITY RETIREMENT BENEFIT
INTO AN ACCIDENTAL DEATH BENEFIT. FOR PURPOSES OF THE SALARY  BASE  UPON
WHICH  THE  ACCIDENTAL DEATH BENEFIT IS CALCULATED, SUCH MEMBER SHALL BE
DEEMED TO HAVE DIED ON THE DATE OF SUCH MEMBER'S RETIREMENT. AT THE TIME
OF SUCH CONVERSION, SUCH  STATUTORY  BENEFICIARY  SHALL  RELINQUISH  ALL
RIGHTS TO THE PROSPECTIVE BENEFITS PAYABLE UNDER THE SERVICE OR DISABIL-
ITY  RETIREMENT  STATUTE,  INCLUDING ANY POST-RETIREMENT DEATH BENEFITS,
SINCE SUCH MEMBER'S DEATH. IF THE STATUTORY BENEFICIARY IS NOT THE  ONLY
BENEFICIARY RECEIVING OR ENTITLED TO RECEIVE A BENEFIT UNDER THE SERVICE
OR DISABILITY RETIREMENT STATUTE, INCLUDING, BUT NOT LIMITED TO, A POST-
RETIREMENT  DEATH  BENEFIT  OR  BENEFIT  PAID OR PAYABLE PURSUANT TO THE
MEMBER'S OPTION SELECTION, THE ACCIDENTAL DEATH BENEFIT PAYMENTS TO  THE
STATUTORY  BENEFICIARY WILL BE REDUCED BY ANY AMOUNTS PAID OR PAYABLE TO
ANY OTHER STATUTORY BENEFICIARY.
S. 8427                             3
D. IN ORDER TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED IN THIS  SECTION,
THE APPLICABLE RETIREMENT SYSTEM OR SYSTEMS ARE AUTHORIZED TO PROMULGATE
RULES  AND  REGULATIONS  TO  ADMINISTER  THIS BENEFIT INCLUDING, BUT NOT
LIMITED TO, REQUIRING A STATEMENT TO  BE  FILED  CONFIRMING  THE  MEMBER
CONTRACTED  COVID-19 AND THE DATES AND LOCATIONS OF THE MEMBER'S EMPLOY-
§ 2. The retirement and social security law is amended by adding a new
section 361-b to read as follows:
§ 361-B. COVID-19 BENEFIT.  A. NOTWITHSTANDING ANY OTHER PROVISION  OF
THIS  ARTICLE  OR  OF ANY GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY,
1. A MEMBER REPORTED IN PERSON TO SUCH MEMBER'S USUAL PLACE OF  PUBLIC
EMPLOYMENT  AT  THE DIRECTION OF SUCH MEMBER'S PUBLIC EMPLOYER OR TO ANY
ALTERNATE WORKSITE AS DIRECTED BY SUCH  PUBLIC  EMPLOYER,  ON  OR  AFTER
MARCH  FIRST, TWO THOUSAND TWENTY, PROVIDED THAT SUCH ALTERNATE WORKSITE
2. SUCH  MEMBER  CONTRACTED  COVID-19  WITHIN  FORTY-FIVE  DAYS  AFTER
REPORTING  TO  WORK AS DESCRIBED IN PARAGRAPH ONE OF THIS SUBDIVISION AS
CONFIRMED BY A POSITIVE LABORATORY TEST OR AS DIAGNOSED BEFORE OR  AFTER
SUCH  MEMBER'S  DEATH BY A LICENSED, CERTIFIED, REGISTERED OR AUTHORIZED
PHYSICIAN, NURSE PRACTITIONER, OR  PHYSICIAN'S  ASSISTANT  CURRENTLY  IN
GOOD  STANDING IN ANY STATE OR THE DISTRICT OF COLUMBIA, OR A PHYSICIAN,
NURSE PRACTITIONER, OR PHYSICIAN'S ASSISTANT AUTHORIZED TO  PRACTICE  IN
NEW  YORK BY EXECUTIVE ORDER DURING THE DECLARED COVID-19 STATE OF EMER-
3. SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST,  TWO  THOUSAND
TWENTY,  AND  COVID-19  CAUSED OR CONTRIBUTED TO SUCH MEMBER'S DEATH, AS
DOCUMENTED ON SUCH MEMBER'S DEATH CERTIFICATE,  OR  AS  CERTIFIED  BY  A
PHYSICIAN,  NURSE  PRACTITIONER,  OR  PHYSICIAN'S ASSISTANT DESCRIBED IN
PARAGRAPH TWO OF THIS  SUBDIVISION  WHO  DETERMINES  WITH  A  REASONABLE
DEGREE  OF  MEDICAL CERTAINTY THAT COVID-19 CAUSED OR CONTRIBUTED TO THE
MEMBER'S DEATH, SUCH MEMBER'S STATUTORY  BENEFICIARY  SHALL  RECEIVE  AN
ACCIDENTAL  DEATH  BENEFIT,  UNLESS SUCH STATUTORY BENEFICIARY ELECTS TO
B. ANY AMOUNT PAYABLE AS A RESULT OF THIS SECTION SHALL BE REDUCED  BY
ANY  AMOUNT  PAID BY SUCH MEMBER'S RETIREMENT SYSTEM TO ANY RECIPIENT OF
SPECIAL OR LOCAL LAW TO THE CONTRARY, AND  SOLELY  FOR  THE  PURPOSE  OF
(II)  ON OR AFTER MARCH FIRST, TWO THOUSAND TWENTY, REPORTED IN PERSON
TO SUCH MEMBER'S USUAL PLACE OF PUBLIC EMPLOYMENT AT  THE  DIRECTION  OF
SUCH  MEMBER'S  PUBLIC EMPLOYER OR TO ANY ALTERNATE WORKSITE AS DIRECTED
BY SUCH PUBLIC EMPLOYER, PROVIDED THAT SUCH ALTERNATE WORKSITE  WAS  NOT
(III)  CONTRACTED  COVID-19 WITHIN FORTY-FIVE DAYS AFTER ANY SUCH DATE
OF REPORTING TO WORK IN PERSON, AS CONFIRMED BY  A  POSITIVE  LABORATORY
TEST  OR AS DIAGNOSED BEFORE OR AFTER SUCH MEMBER'S DEATH BY A LICENSED,
CERTIFIED, REGISTERED OR AUTHORIZED PHYSICIAN,  NURSE  PRACTITIONER,  OR
PHYSICIAN'S  ASSISTANT  CURRENTLY  IN  GOOD STANDING IN ANY STATE OR THE
ASSISTANT AUTHORIZED TO PRACTICE IN NEW YORK BY EXECUTIVE  ORDER  DURING
S. 8427                             4
§ 3. The retirement and social security law is amended by adding a new
section 509-a to read as follows:
§ 509-A. COVID-19 BENEFIT.  A. NOTWITHSTANDING ANY OTHER PROVISION  OF
S. 8427                             5
S. 8427                             6
D.  IN ORDER TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED IN THIS SECTION,
RULES AND REGULATIONS TO ADMINISTER  THIS  BENEFIT  INCLUDING,  BUT  NOT
LIMITED  TO,  REQUIRING  A  STATEMENT  TO BE FILED CONFIRMING THE MEMBER
CONTRACTED COVID-19 AND THE DATES AND LOCATIONS OF THE MEMBER'S  EMPLOY-
§ 4. The retirement and social security law is amended by adding a new
section 607-i to read as follows:
§  607-I. COVID-19 BENEFIT.  A. NOTWITHSTANDING ANY OTHER PROVISION OF
S. 8427                             7
SUBPARAGRAPH (III) OF THIS PARAGRAPH WHO DETERMINES  WITH  A  REASONABLE
OF  THE  MEMBER'S SERVICE OR DISABILITY RETIREMENT BENEFIT INTO AN ACCI-
FOR PURPOSES OF ACCIDENTAL DEATH BENEFITS  PAYABLE  FROM  SUCH  MEMBER'S
RETIREMENT  SYSTEM  UNDER  THIS ARTICLE, MAY, WITHIN NINETY DAYS OF SUCH
MEMBER'S RETIREMENT OR SEPTEMBER FIRST, TWO THOUSAND  TWENTY,  WHICHEVER
IS  LATER,  APPLY  TO  SUCH  MEMBER'S  RETIREMENT  SYSTEM TO REQUEST THE
CONVERSION OF SUCH MEMBER'S SERVICE  OR  DISABILITY  RETIREMENT  BENEFIT
INTO  AN  ACCIDENTAL DEATH BENEFIT. FOR PURPOSES OF THE SALARY BASE UPON
WHICH THE ACCIDENTAL DEATH BENEFIT IS CALCULATED, SUCH MEMBER  SHALL  BE
OF  SUCH  CONVERSION,  SUCH  STATUTORY  BENEFICIARY SHALL RELINQUISH ALL
ITY RETIREMENT STATUTE, INCLUDING ANY  POST-RETIREMENT  DEATH  BENEFITS,
SINCE  SUCH MEMBER'S DEATH. IF THE STATUTORY BENEFICIARY IS NOT THE ONLY
RETIREMENT DEATH BENEFIT OR BENEFIT PAID  OR  PAYABLE  PURSUANT  TO  THE
MEMBER'S  OPTION SELECTION, THE ACCIDENTAL DEATH BENEFIT PAYMENTS TO THE
STATUTORY BENEFICIARY WILL BE REDUCED BY ANY AMOUNTS PAID OR PAYABLE  TO
§  5.  Section  512  of  the  education law is amended by adding a new
subdivision h to read as follows:
H. 1. NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE  OR  OF  ANY
GENERAL,  SPECIAL  OR  LOCAL  LAW  TO  THE  CONTRARY, AND SOLELY FOR THE
PURPOSE OF DETERMINING ELIGIBILITY  FOR  BENEFITS  UNDER  THIS  SECTION,
(A) A MEMBER REPORTED IN PERSON TO SUCH MEMBER'S USUAL PLACE OF PUBLIC
(B) SUCH MEMBER  CONTRACTED  COVID-19  WITHIN  FORTY-FIVE  DAYS  AFTER
REPORTING  TO WORK AS DESCRIBED IN SUBPARAGRAPH (A) OF THIS PARAGRAPH AS
S. 8427                             8
(C)  SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO THOUSAND
SUBPARAGRAPH  (B)  OF  THIS  PARAGRAPH  WHO DETERMINES WITH A REASONABLE
2.  ANY AMOUNT PAYABLE AS A RESULT OF THIS SECTION SHALL BE REDUCED BY
3.  (A) NOTWITHSTANDING ANY PROVISION OF THIS ARTICLE OR OF ANY GENER-
AL, SPECIAL OR LOCAL LAW TO THE CONTRARY, AND SOLELY FOR THE PURPOSE  OF
CLAUSE (III) OF THIS  SUBPARAGRAPH  WHO  DETERMINES  WITH  A  REASONABLE
(B) SUCH MEMBER'S STATUTORY BENEFICIARY, AS DEFINED UNDER  THIS  ARTI-
CLE,  FOR  PURPOSES  OF  ACCIDENTAL  DEATH  BENEFITS  PAYABLE  FROM SUCH
MEMBER'S RETIREMENT SYSTEM UNDER THIS ARTICLE, MAY, WITHIN  NINETY  DAYS
OF  SUCH  MEMBER'S  RETIREMENT  OR SEPTEMBER FIRST, TWO THOUSAND TWENTY,
WHICHEVER IS LATER, APPLY TO SUCH MEMBER'S RETIREMENT SYSTEM TO  REQUEST
THE CONVERSION OF SUCH MEMBER'S SERVICE OR DISABILITY RETIREMENT BENEFIT
S. 8427                             9
4. IN ORDER TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED IN THIS  SUBDIVI-
SION,  THE  APPLICABLE  RETIREMENT  SYSTEM  OR SYSTEMS ARE AUTHORIZED TO
PROMULGATE RULES AND REGULATIONS TO ADMINISTER THIS  BENEFIT  INCLUDING,
BUT  NOT  LIMITED  TO,  REQUIRING A STATEMENT TO BE FILED CONFIRMING THE
MEMBER CONTRACTED COVID-19 AND THE DATES AND LOCATIONS OF  THE  MEMBER'S
§  6.  Section  2575  of  the education law is amended by adding a new
26. (A) NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE OR OF  ANY
(I) A MEMBER REPORTED IN PERSON TO SUCH MEMBER'S USUAL PLACE OF PUBLIC
(II) SUCH MEMBER CONTRACTED  COVID-19  WITHIN  FORTY-FIVE  DAYS  AFTER
REPORTING  TO WORK AS DESCRIBED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH AS
(III) SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST,  TWO  THOU-
SAND  TWENTY, AND COVID-19 CAUSED OR CONTRIBUTED TO SUCH MEMBER'S DEATH,
AS DOCUMENTED ON SUCH MEMBER'S DEATH CERTIFICATE, OR AS CERTIFIED  BY  A
SUBPARAGRAPH (II) OF THIS PARAGRAPH WHO  DETERMINES  WITH  A  REASONABLE
(B) ANY AMOUNT PAYABLE AS  A  RESULT  OF  THIS  SUBDIVISION  SHALL  BE
REDUCED  BY  ANY  AMOUNT  PAID BY SUCH MEMBER'S RETIREMENT SYSTEM TO ANY
RECIPIENT OF ORDINARY DEATH BENEFITS UNDER THIS ARTICLE.
(C) (I) NOTWITHSTANDING ANY PROVISION OF THIS ARTICLE OR OF ANY GENER-
(1) RETIRED FROM HIS OR HER RETIREMENT SYSTEM ON OR AFTER MARCH FIRST,
(2)  ON  OR AFTER MARCH FIRST, TWO THOUSAND TWENTY, REPORTED IN PERSON
(3)  CONTRACTED COVID-19 WITHIN FORTY-FIVE DAYS AFTER ANY SUCH DATE OF
REPORTING TO WORK IN PERSON, AS CONFIRMED BY A POSITIVE LABORATORY  TEST
OR  AS  DIAGNOSED  BEFORE  OR  AFTER  SUCH MEMBER'S DEATH BY A LICENSED,
S. 8427                            10
(4) SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO  THOUSAND
CLAUSE THREE OF THIS  SUBPARAGRAPH  WHO  DETERMINES  WITH  A  REASONABLE
(II) SUCH  MEMBER'S  STATUTORY  BENEFICIARY,  AS  DEFINED  UNDER  THIS
SECTION,  FOR  PURPOSES  OF  ACCIDENTAL DEATH BENEFITS PAYABLE FROM SUCH
MEMBER'S RETIREMENT SYSTEM UNDER THIS SECTION, MAY, WITHIN  NINETY  DAYS
(D) IN ORDER TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED IN THIS SUBDIVI-
§ 7. Section 1266-h of the public authorities law is amended by adding
8.  (A)  NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION OR OF ANY
GENERAL, SPECIAL OR LOCAL LAW  TO  THE  CONTRARY,  AND  SOLELY  FOR  THE
PURPOSE  OF  DETERMINING  ELIGIBILITY  FOR  BENEFITS UNDER THIS SECTION,
(II)  SUCH  MEMBER  CONTRACTED  COVID-19  WITHIN FORTY-FIVE DAYS AFTER
REPORTING TO WORK PURSUANT TO SUBPARAGRAPH (I)  OF  THIS  PARAGRAPH,  AS
S. 8427                            11
(III)  SUCH  MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO THOU-
SAND TWENTY, AND COVID-19 CAUSED OR CONTRIBUTED TO SUCH MEMBER'S  DEATH,
AS  DOCUMENTED  ON SUCH MEMBER'S DEATH CERTIFICATE, OR AS CERTIFIED BY A
SUBPARAGRAPH  (II)  OF  THIS  PARAGRAPH WHO DETERMINES WITH A REASONABLE
(B) ANY AMOUNT PAYABLE AS A RESULT OF THIS SECTION SHALL BE REDUCED BY
ORDINARY DEATH BENEFITS PURSUANT TO THIS SECTION.
(C) NOTWITHSTANDING ANY PROVISION OF THIS SECTION OR OF  ANY  GENERAL,
(2) ON OR AFTER MARCH FIRST, TWO THOUSAND TWENTY, REPORTED  IN  PERSON
(3) CONTRACTED COVID-19 WITHIN FORTY-FIVE DAYS AFTER ANY SUCH DATE  OF
REPORTING  TO WORK IN PERSON, AS CONFIRMED BY A POSITIVE LABORATORY TEST
OR AS DIAGNOSED BEFORE OR AFTER  SUCH  MEMBER'S  DEATH  BY  A  LICENSED,
SUBPARAGRAPH THREE OF THIS PARAGRAPH WHO DETERMINES  WITH  A  REASONABLE
(D) SUCH MEMBER'S STATUTORY BENEFICIARY, AS DEFINED PURSUANT  TO  THIS
S. 8427                            12
OR DISABILITY RETIREMENT STATUTE INCLUDING, BUT NOT LIMITED TO, A  POST-
(E) IN ORDER TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED IN THIS SUBDIVI-
SION, THE APPLICABLE RETIREMENT SYSTEM  OR  SYSTEMS  ARE  AUTHORIZED  TO
PROMULGATE  RULES  AND REGULATIONS TO ADMINISTER THIS BENEFIT INCLUDING,
BUT NOT LIMITED TO, REQUIRING A STATEMENT TO  BE  FILED  CONFIRMING  THE
MEMBER  CONTRACTED COVID-19 AND THE DATES AND LOCATIONS OF SUCH MEMBER'S
§ 8. The administrative code of the city of New  York  is  amended  by
adding a new section 13-149.1 to read as follows:
§  13-149.1  COVID-19 BENEFIT.  1. NOTWITHSTANDING ANY OTHER PROVISION
OF THIS TITLE OR OF ANY GENERAL, SPECIAL OR LOCAL LAW TO  THE  CONTRARY,
REPORTING  TO WORK AS DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION, AS
(C) SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO  THOUSAND
PARAGRAPH (B) OF THIS  SUBDIVISION  WHO  DETERMINES  WITH  A  REASONABLE
2. ANY AMOUNT PAYABLE AS A RESULT OF THIS TITLE SHALL  BE  REDUCED  BY
ORDINARY DEATH BENEFITS UNDER THIS TITLE.
3. NOTWITHSTANDING ANY PROVISION OF THIS  TITLE  OR  OF  ANY  GENERAL,
(A) RETIRED FROM HIS OR HER RETIREMENT SYSTEM ON OR AFTER MARCH FIRST,
(B) ON OR AFTER MARCH FIRST, TWO THOUSAND TWENTY, REPORTED  IN  PERSON
S. 8427                            13
(C) CONTRACTED COVID-19 WITHIN FORTY-FIVE DAYS AFTER ANY SUCH DATE  OF
(D)  SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO THOUSAND
PARAGRAPH  (C)  OF  THIS  SUBDIVISION  WHO  DETERMINES WITH A REASONABLE
4.  SUCH  MEMBER'S  STATUTORY BENEFICIARY, AS DEFINED PURSUANT TO THIS
TITLE, FOR PURPOSES OF  ACCIDENTAL  DEATH  BENEFITS  PAYABLE  FROM  SUCH
MEMBER'S  RETIREMENT SYSTEM UNDER THIS TITLE, MAY, WITHIN NINETY DAYS OF
SUCH MEMBER'S RETIREMENT OR SEPTEMBER FIRST, TWO THOUSAND TWENTY, WHICH-
EVER IS LATER, APPLY TO SUCH MEMBER'S RETIREMENT SYSTEM TO  REQUEST  THE
OR  DISABILITY RETIREMENT STATUTE INCLUDING, BUT NOT LIMITED TO, A POST-
5.  IN  ORDER  TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED IN THIS TITLE,
CONTRACTED COVID-19 AND THE DATES AND LOCATIONS OF SUCH MEMBER'S EMPLOY-
§ 9. The administrative code of the city of New  York  is  amended  by
adding a new section 13-244.1 to read as follows:
§  13-244.1  COVID-19 BENEFIT.  1. NOTWITHSTANDING ANY OTHER PROVISION
S. 8427                            14
(D) SUCH MEMBER DIED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO  THOUSAND
PARAGRAPH (C) OF THIS  SUBDIVISION  WHO  DETERMINES  WITH  A  REASONABLE
4. SUCH MEMBER'S STATUTORY BENEFICIARY, AS DEFINED  PURSUANT  TO  THIS
TITLE,  FOR  PURPOSES  OF  ACCIDENTAL  DEATH  BENEFITS PAYABLE FROM SUCH
MEMBER'S RETIREMENT SYSTEM UNDER THIS TITLE, MAY, WITHIN NINETY DAYS  OF
EVER  IS  LATER, APPLY TO SUCH MEMBER'S RETIREMENT SYSTEM TO REQUEST THE
S. 8427                            15
5. IN ORDER TO BE ELIGIBLE FOR THE BENEFIT DESCRIBED  IN  THIS  TITLE,
§  10.  The  administrative code of the city of New York is amended by
adding a new section 13-347.1 to read as follows:
§ 13-347.1 COVID-19 BENEFIT. 1. NOTWITHSTANDING ANY OTHER PROVISION OF
THIS TITLE OR OF ANY GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY,  AND
SOLELY  FOR  THE  PURPOSE  OF DETERMINING ELIGIBILITY FOR BENEFITS UNDER
(B)  SUCH  MEMBER  CONTRACTED  COVID-19  WITHIN  FORTY-FIVE DAYS AFTER
REPORTING TO WORK AS DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION,  AS
PARAGRAPH  (B)  OF  THIS  SUBDIVISION  WHO  DETERMINES WITH A REASONABLE
2.  ANY  AMOUNT  PAYABLE AS A RESULT OF THIS TITLE SHALL BE REDUCED BY
3.  NOTWITHSTANDING  ANY  PROVISION  OF  THIS TITLE OR OF ANY GENERAL,
(B)  ON  OR AFTER MARCH FIRST, TWO THOUSAND TWENTY, REPORTED IN PERSON
S. 8427                            16
(C)  CONTRACTED COVID-19 WITHIN FORTY-FIVE DAYS AFTER ANY SUCH DATE OF
§ 11. The administrative code of the city of New York  is  amended  by
adding a new section 13-544.1 to read as follows:
§  13-544.1  COVID-19 BENEFIT.  1. NOTWITHSTANDING ANY OTHER PROVISION
S. 8427                            17
S. 8427                            18
§ 12. The heads and boards of the retirement systems described  herein
are  hereby  authorized to promulgate rules and regulations to implement
the provisions of this act, including guidance on what shall  constitute
a  positive  diagnosis of COVID-19 from a physician, nurse practitioner,
or physician's assistant in the absence of a laboratory test.
§ 13. Notwithstanding any other provision of law to the contrary, none
§  14.  This  act shall take effect immediately and shall be deemed to
have been in full force and effect on and after March 1, 2020;  provided
that  the  provisions of this act shall expire and be deemed repealed on
This bill would amend sections of the Education Law and the Retirement
and Social Security Law to provide an  enhanced  death  benefit  to  the
beneficiary  of  an  eligible  member  of  the  New York State Teachers'
Retirement System (NYSTRS) who  died  due  to  contracting  COVID-19.  A
member  must  have  reported  to  work  on  or  after March 1, 2020, and
contracted COVID-19 within 45 days of reporting to work, and  then  died
on  or  before December 31, 2020 either due to COVID-19, or had COVID-19
as a contributing factor in the member's death. The  member's  statutory
beneficiary  can  elect  to receive either the accidental death benefit,
consisting of a lifetime annuity of 50%  of  the  member's  most  recent
year's  salary, or the ordinary death benefit, generally consisting of a
lump sum equal to three times the member's salary. If any ordinary death
benefit has already been paid it will be used as an offset  against  the
accidental  death benefit. If a member retired on or after March 1, 2020
but before July 1, 2020, reported to  work  at  the  direction  of  such
member's  employer,  contracted  COVID-19 within 45 days of reporting to
work, and then died on or before December 31, 2020 either due to  COVID-
19,  or had COVID-19 as a contributing factor in the member's death, the
member's statutory beneficiary may, within  90  days  of  such  member's
retirement,  or  September 1, 2020, whichever is later, elect to convert
the retirement benefit into an accidental  death  benefit.    Any  other
benefit  paid  will  be  used  as an offset against the accidental death
S. 8427                            19
This act shall be deemed to have been in full force and effect  as  of
March  1,  2020,  but shall expire and be deemed repealed as of December
Under  current  law,  the  beneficiary of an active member who dies in
service with three or more years of service is generally eligible for  a
benefit  equal  to  three  times the member's most recent year's salary.
Currently, the beneficiary of a retiree who dies within the  first  year
of  retirement is generally eligible for a benefit equal to one and one-
half times the retiree's last year of salary,  and  possibly,  depending
upon  the retiree's benefit option elected at retirement, a continuation
of all or a portion of the retiree's monthly benefit.
The overall cost of this bill cannot  be  readily  determined  as  the
ultimate number of COVID-19 deaths cannot be determined at this time. It
is  estimated that it will provide on average an additional 3 to 4 times
salary.  The average cost per individual member  impacted,  however,  in
terms of additional present value of liability, is estimated as follows:
Member age 30: $210,000
Member age 40: $300,000
Member age 50: $310,000
Eligible  retirees:  Anticipated  overall  negligible cost, given that
NYSTRS expects to receive no more than a handful of cases.
The actual cost per member would be dependent on the member and  bene-
ficiary's  age, tier, years of service, and salary, and for retirees the
optional form of payment elected at  retirement.  The  costs  above  are
determined  based  on averages, so the actual cost for a member could be
higher or lower. The cost for an eligible  retiree  could  vary  greatly
depending upon the option chosen at retirement.
reported  in  the System's financial statements and can also be found in
The source of this estimate is Fiscal Note 2020-30 dated May 28,  2020
System and is intended for use only during the 2020 Legislative Session.
This  bill would allow a beneficiary of any member of a public retire-
ment system to be paid an accidental death benefit,  as  if  the  member
died in the performance and discharge of duty, provided that the member
a. physically reported for work on or after March 1, 2020, and
b. contracted COVID-19 within 45 days from such a work date, and
c. died from such disease on or before December 31, 2020.
A  positive test result, death certificate citing COVID-19, or certif-
ication  by  certain  medical  personnel  is  sufficient  to   establish
contraction and death from COVID-19.
The  accidental  death  benefit  would  be  based on the member's plan
coverage. This bill also would create benefits payable under the  Public
Insofar  as this bill will affect the New York State and Local Employ-
ees' Retirement System (ERS) and the New York State and Local Police and
S. 8427                            20
Fire Retirement System (PFRS), qualifying COVID-19 deaths which current-
ly are considered ordinary deaths will be treated as accidental deaths.
The cost of the proposed benefit will depend upon the applicant's age,
service, salary, plan, and benefit type otherwise payable.
Service Retirement Eligible:         Yes                  No
PFRS benefit increase/cost:      8 times salary      13 times salary
ERS benefit increase/cost:       3.5 times salary    3.5 times salary
The number of members who could be affected by this legislation cannot
be  readily  determined.    However, all of ERS and PFRS members will be
covered and eligible for these benefits, including new hires through the
expiration of the coverage provided under this  legislation.  All  costs
incurred in the PFRS will be shared by the State of New York and all the
participating  employers in the PFRS. All costs incurred in the ERS will
be shared by the State of New York and all the  participating  employers
in the ERS.
In addition to these per person costs, there would be annual increases
in  administrative  and  legal costs to implement the provisions of this
change  was  the same as that used in the March 31, 2019 actuarial valu-
ation. Distributions and other statistics  can  be  found  in  the  2019
Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
This  estimate,  dated  May 28, 2020, and intended for use only during
the 2020 Legislative Session, is Fiscal Note No. 2020-121,  prepared  by
FISCAL NOTE.--Pursuant to Legislative  Law, Section 50:
SUMMARY  OF  BILL:  This  proposed  legislation  (see Appendix), as it
relates to the New  York  City  Pension  Funds  and  Retirement  Systems
(NYCRS),  would  add  new Sections to the Retirement and Social Security
Law (RSSL), the Administrative Code of the City of New York (ACCNY), and
the Education Law to provide Accidental Death Benefits, less other stat-
utory benefits paid or payable, to beneficiaries of certain members  and
retirees  of NYCRS who physically reported to non-home work sites on and
after March 1, 2020 and died on or before December 31, 2020 due to Coro-
navirus Disease 2019 (COVID-19) that was contracted within  45  days  of
such reporting to work.
Beneficiaries  of  deceased  members, including beneficiaries of those
who retired between March 1, 2020 and July 1, 2020, who meet the enumer-
ated qualifications would be eligible for an Accidental  Death  Benefit,
less any other statutory benefits paid or payable.
S. 8427                            21
In  determining whether Accidental Death Benefits should be awarded, a
deceased member or retiree must have a positive lab  test  for  COVID-19
within  45 days of reporting to such work assignment, or have been diag-
nosed with such condition, within the  same  period,  from  a  qualified
medical  provider,  either  before  or  after  the member's or retiree's
death. The beneficiary of such deceased member  or  retiree  would  also
have  to show that that COVID-19 was the cause or contributing factor in
the member's or retiree's death, as documented by a death certificate or
Effective Date: Upon enactment, and  retroactive  to  March  1,  2020,
except  that  the provisions would expire upon the later of December 31,
2020 and the date of the expiration  of  the  state  disaster  emergency
declared by the Governor in executive order number 202.
IMPACT  ON BENEFITS PAYABLE: Under the proposed legislation, the bene-
fits payable to beneficiaries of active members of NYCRS who die due  to
COVID-19  would be revised from a lump sum Ordinary Death Benefit gener-
ally equal to three times a member's last salary  to  a  lifetime  Acci-
dental  Death  Benefit  equal  to  50%  of Final Average Salary plus, if
applicable, the Special Accidental Death Benefit payable  under  General
Municipal  Law section 208-f.  Accidental Death Benefits, less any other
benefits paid or payable, are also payable to beneficiaries of those who
retired between March 1, 2020 and July 1, 2020 and died due to COVID-19.
Costs for these retirees, due to the limited scope and unknown  optional
payments, are not included in this Fiscal Note.
FINANCIAL  IMPACT  -  OVERVIEW: There is no data available to estimate
the number of members who might die  due  to  COVID-19  and  potentially
benefit  from this proposed legislation. Therefore, the estimated finan-
cial impact has been calculated on  a  per  event  basis  equal  to  the
increase  in  the Present Value of Future Benefits (PVFB) for an average
member who dies from COVID-19 and would benefit from the proposed legis-
With respect to an individual member,  the  additional  cost  of  this
proposed legislation could vary greatly depending on the member's length
of service, age, and salary history.
FINANCIAL  IMPACT  -  PRESENT VALUES: Based on the census data and the
actuarial assumptions and methods described  herein,  the  enactment  of
this  proposed legislation would result in an increase in PVFB. A break-
down of the PVFB by NYCRS on average for each  occurrence  of  death  is
Estimated Additional Present Value of Future Benefits due to COVID-19
NYCERS        TRS         BERS
Age < 40             $ 543,300    $ 326,200   $ 256,000
40 <= Age < 60         398,700      297,500     172,100
Age >= 60              210,200      188,800     105,900
All Ages             $ 406,700    $ 296,700   $ 174,800
POLICE         FIRE      All Systems
Age < 40            $ 1,926,300  $ 1,816,100    $ 731,600
40 <= Age < 60        2,226,300    2,302,700      534,000
Age >= 60             1,695,600    1,633,600      204,400
All Ages            $ 2,042,700  $ 2,055,400    $ 557,200
FINANCIAL  IMPACT  -  ANNUAL EMPLOYER CONTRIBUTIONS: Enactment of this
proposed legislation would increase employer contributions,  where  such
amount  would  depend on the number of members affected as well as other
S. 8427                            22
characteristics including the age, years of service, and salary  history
of  the member.  As there is no data currently available to estimate the
number of members who might die  from  COVID-19,  the  financial  impact
would  be  recognized  at  the  time  of event. Consequently, changes in
employer contributions have been estimated assuming that the increase in
the PVFB will be financed over the same time period used  for  actuarial
losses in accordance with Section 13-638.2(k-2) of the ACCNY. Using this
approach,  the  additional PVFB would be amortized over a closed 15-year
period (14 payments under the  One-Year  Lag  Methodology)  using  level
dollar payments.
Based  on the Actuary's actuarial assumptions and methods in effect as
of June 30, 2019, the enactment of this proposed  legislation  is  esti-
mated  to  increase  annual  employer  contributions on average for each
death benefit due to COVID-19 as shown in the table below.
Estimated Additional Annual Employer Contributions due to COVID-19
NYCERS          TRS         BERS
Age < 40            $  64,300    $   38,600  $    30,300
40 <= Age < 60         47,200        35,200       20,400
Age >= 60              24,900        22,300       12,500
All Ages            $  48,100    $   35,100  $    20,300
Age < 40            $ 227,800    $  214,800     $ 86,500
40 <= Age < 60        263,300       272,400       63,200
Age >= 60             200,600       193,200       24,200
All Ages            $ 241,600    $  243,100     $ 65,900
With respect to the timing, increases in employer contributions  would
depend  upon  when members die due to COVID-19 but, generally, increased
employer contributions will first occur the second fiscal year following
approval of the performance of duty death benefit.
CENSUS DATA: The estimates presented herein are based  on  the  census
data  used in the Preliminary June 30, 2019 (Lag) actuarial valuation of
NYCRS to determine the Preliminary Fiscal Year  2021  employer  contrib-
Counts               NYCERS               TRS                 BERS
Age < 40             52,782              48,861               4,810
40 <= Age < 60      106,335              60,632              14,809
Age >= 60            32,384              13,843               6,206
All Ages            191,501             123,336              25,825
Counts               POLICE               FIRE            All Systems
Age < 40             21,945               5,369             133,767
40 <= Age < 60       14,267               5,623             201,666
Age >= 60               189                 252              52,874
All Ages             36,401              11,244             388,307
Average Age          NYCERS               TRS                 BERS
Age < 40               33.0                32.5                33.3
40 <= Age < 60         50.1                48.7                50.7
Age >= 60              64.1                64.3                64.5
All Ages               47.7                44.1                50.8
Average Age          POLICE               FIRE            All Systems
Age < 40               32.1                32.7                32.7
40 <= Age < 60         46.1                47.0                49.3
Age >= 60              61.9                61.9                64.2
S. 8427                            23
All Ages               37.7                40.5                45.6
Average Service      NYCERS               TRS                 BERS
Age < 40                4.7                 5.8                 3.5
40 <= Age < 60         13.6                14.9                 9.1
Age >= 60              19.7                19.8                14.0
All Ages               12.2                11.8                 9.2
Average Service      POLICE               FIRE            All Systems
Age < 40                7.0                 6.6                 5.5
40 <= Age < 60         18.7                19.7                14.2
Age >= 60              31.7                34.9                19.2
All Ages               11.7                13.8                11.9
Average Salary       NYCERS               TRS                 BERS
Age < 40           $ 68,800            $ 78,800            $ 58,700
40 <= Age < 60       81,800              95,900              52,700
Age >= 60            81,900              89,700              46,700
All Ages           $ 78,200            $ 88,400            $ 52,400
Average Salary       POLICE               FIRE            All Systems
Age < 40          $ 101,800            $ 93,600            $ 78,500
40 <= Age < 60      138,800             141,300              89,600
Age >= 60           163,300             158,200              80,500
All Ages          $ 116,600           $ 118,900            $ 84,500
ACTUARIAL  ASSUMPTIONS AND METHODS: The changes in the PVFB and annual
employer contributions presented herein have been  calculated  based  on
the  actuarial  assumptions  and methods in effect for the June 30, 2019
2021 employer contributions of NYCRS.
certain demographic characteristics of NYCRS and other exogenous factors
such as investment, contribution, and other risks. If actual  experience
deviates  from actuarial assumptions, the actual costs could differ from
those presented herein. Costs are also dependent on the actuarial  meth-
ods  used,  and  therefore  different  actuarial  methods  could produce
different results.  Quantifying these risks is beyond the scope of  this
*  The  initial,  additional  administrative  costs  to  implement the
FISCAL NOTE IDENTIFICATION: This Fiscal Note  2020-45  dated  May  28,
2020  was  prepared  by  the  Chief  Actuary  for the five New York City
S. 8427                            24
Retirement Systems and Pension Funds. This estimate is intended for  use
only during the 2020 Legislative Session.
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