New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 312 - New York State Public Employees Group Life Insurance › Section 312.4 - Insurance payable in the event of death

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the case of the death of a qualified
				member during the effective period of insurance, the estate, or designated
				beneficiary or beneficiaries, shall receive the benefits provided pursuant to
				section 60, 60-a, 60-b, 360, 360-a, 360-b, 448 or
				508  of the Retirement and Social Security
				Law from the plan, as hereinafter provided. Nevertheless, the amount of
				insurance payable upon the death of a member, and the eligibility to receive
				such payment, shall be determined in accordance with the provisions of section 60, 60-a, 60-b, 360, 360-a, 360-b, 448, 508 or
				606  of the Retirement and Social Security
				Law, as the case may be, or any substantially similar provisions enacted to
				provide ordinary (non-accidental) death benefits to beneficiaries of members of
				the New York State and Local Retirement Systems, subject to the limitations
				with respect to post-retirement death benefits provided in section
				312.2 
				of this Part. However, in no case, shall the amount of insurance payable by the
				plan upon the death of a member exceed $50,000. In the event an amount in
				excess of $50,000 is payable to the estate, beneficiary, or beneficiaries of a
				deceased member pursuant to section 60, 60-a, 60-b, 360, 360-a
									360-b, 448, 508 or 606  of the Retirement and Social Security Law, or any substantially similar
				provisions enacted to provide ordinary (non-accidental) death benefit to
				beneficiaries of members of the New York State and Local Retirement Systems,
				subject to the eligibility requirements with respect to such treatment of
				post-retirement death benefits provided in section
				312.2 
				of this Part, the sum of $50,000 shall be payable as group term life insurance
				as specified in this Part, and the excess over $50,000 shall be paid as
				provided in said sections.
(b)
				Notwithstanding the provisions of subdivision (a) of this section, the State or
				a participating employer may designate the amount of insurance payable by the
				plan upon the death of a member in its employ, providing that such amount may
				not exceed $50,000. In the event an amount in excess of that so designated is
				payable to the estate, beneficiary, or beneficiaries of a deceased member,
				pursuant to section 60, 60-a, 60-b, 360, 360-a, 360-b, 448, 508 or
				606  of the Retirement and Social Security
				Law, or any substantially similar provisions enacted to provide ordinary
				(non-accidental) death benefit to beneficiaries of members of the New York
				State and Local Retirement Systems, subject to the eligibility requirements
				with respect to such treatment of post-retirement death benefits provided in
				section
				312.2 
				of this Part, such excess shall be paid as provided in said sections. Said
				designations shall be effective when filed with the retirement system, and
				shall remain in effect until amended or rescinded by the employer.