Current Pension Topics
New Laws on Accidental Death Benefit and OTB

By JOEL FRANK

The following items recently became New York State law:

Mr. Frank is a fee-only Retirement Financial Planner and a retired city high school Teacher of Accounting. He can be reached by telephone at (732) 536-9472, or via e-mail at rollover@optonline.net.

Chapter 76 of the Laws of 2008 increases the special accidental death benefit payable under Section 208-f of the NYS General Municipal Law by 3 percent. The beneficiaries of the following New York City Employees' Retirement System members are covered: Correction Officers, Housing and Transit Police, Emergency Medical Technicians and Triborough Bridge and Tunnel Authority members. The benefit is payable to the widow or widower or the children of the deceased under 18 years of age, or under 23 if the child is a student, if the widow or widower is deceased.

This law was signed by the Governor on May 13, 2008 and took effect on July 1, 2008.

Chapter 115 of the Laws of 2008 provides for the takeover of the Board of Directors of New York City Off Track Betting to comprise five appointees of the New York Governor; previously, appointments to the five-member board were made by the Mayor of the City of New York. NYC OTB remains a public-benefit corporation and will continue wagering operations in OTB parlors located in the City of New York. A summary of the law's pension-related provisions is as follows:

All incumbent employees of NYC OTB remain employees of NYC OTB; All incumbent employees of NYC OTB who are New York City Employees Retirement System (NYCERS) members will continue to have the same rights, privileges, obligations and status pertaining to NYCERS' membership;

All future employees of NYC OTB will be eligible for NYCERS' membership;

Employment by NYC OTB shall constitute city service for the purposes of chapter one of title thirteen of the Administrative Code of the City of New York.

NYC OTB shall retain all personnel, payroll and associated employee records and shall ensure NYCERS has access to such records for retirement purposes consistent with current records retention requirements.

This law was signed by the Governor on June 17, 2008 and took effect on that date.