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 368 - Death And Disability Benefits Subject To The Older Workers' Benefit Protection Act › Section 368.3 - Death benefits

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				With respect to ordinary death benefits payable pursuant to either:
(1) paragraph 2 of subdivision a of section 448  of the Retirement and Social Security
				Law;
(2) paragraph 2 of subdivision
				a of section 508  of the Retirement and Social Security
				Law, as added by chapter 890 of the laws of 1976;
(3) paragraph 2 of subdivision a of section 508  of the Retirement and Social Security
				Law, as added by chapter 617 of the Laws of 1986;
(4) subdivision b of section 508  of the Retirement and Social Security
				Law;
(5) subdivision d of section 605  of the Retirement and Social Security
				Law; or
(6) paragraph 2 of
				subdivision a of section 606  of the Retirement and Social Security
				Law, a benefit shall be payable upon the death of a member in service equal to
				the member's salary upon his completion of one year of service, two years'
				salary upon completion of two years of service, and three years' salary upon
				completion of three years of service.
Such benefit shall not be reduced on the basis of the
				  member's age at the time of entry into membership. In the case of any member of
				  the New York State and Local Employees' Retirement System who is permitted to
				  retire without regard to age or a member of the New York State and Local Police
				  and Fire Retirement System, commencing upon attainment of age 61, the benefit
				  otherwise provided shall be reduced while the member is in service to 97 per
				  centum of the benefit otherwise payable, and each year thereafter the benefit
				  payable shall be reduced by an amount equal to three per centum per year of the
				  original benefit otherwise payable, but not below 70 per centum of the original
				  benefit otherwise payable. In the case of any other member of the New York
				  State and Local Employees' Retirement System, commencing upon attainment of age
				  61, the benefit otherwise provided pursuant to this paragraph two shall be
				  reduced while the member is in service to 96 per centum of the benefit
				  otherwise payable, and each year thereafter the benefit payable shall be
				  reduced by an amount equal to four per centum per year of the original benefit
				  otherwise payable, but not below 60 per centum of the original benefit
				  otherwise payable.
Upon retirement, the benefit in force shall be reduced by 50
				  per centum; upon completion of the first year of retirement, the benefit in
				  force at the time of retirement shall be reduced by an additional 25 per
				  centum, and upon commencement of the third year of retirement, the benefit
				  shall be 10 per centum of the benefit in force at age 60, if any, or at the
				  time of retirement if retirement preceded such age; provided, however, the
				  benefit in retirement shall not be reduced below 10 per centum of the benefit
				  in force at age 60, if any, or at the time of retirement if retirement preceded
				  such age.