N.Y. Retirement and Social Security Law 448-A – Death benefit for vested members who die prior to retirement
§ 448-a. Death benefit for vested members who die prior to retirement. a. A death benefit plus the reserve-for-increased-take-home-pay, if any, shall be payable upon the death of a member of a retirement system who:
Terms Used In N.Y. Retirement and Social Security Law 448-A
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
1. Died before the effective date of retirement while a member of such retirement system;
2. Had at least ten years of credited service at the time of death; and
3. Died at a time and in a manner which did not result in the eligibility of the member's estate or any beneficiary to receive any death benefits from such retirement system on account of such death.
b. Benefits provided under this section shall be payable to the member's estate or the beneficiary or beneficiaries nominated by the member on a designation of beneficiary form filed with the administrative head of such retirement system.
c. The amount of the benefit payable pursuant to this section shall be equal to one-half of the amount of the ordinary death benefit which would have been payable had the member's death occurred on the last day of service upon which membership was based.