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S 5083

Permits an eligible retirement system member to receive, in lieu of an ordinary death benefit, a death benefit such member would otherwise be entitled to receive

2025 Regular Session Introduced by Jamaal Bailey and 3 co-sponsors

Bill S 5083 allows eligible retirement system members to choose a specific death benefit instead of the standard one, enhancing financial security for beneficiaries.

RETURNED TO SENATE
0
WeVote Research Nonpartisan
Bill Summary · S 5083

Summary of Bill S 5083

Overview

Bill Number: S 5083
Title: Permits an eligible retirement system member to receive, in lieu of an ordinary death benefit, a death benefit such member would otherwise be entitled to receive
Status: Returned to Senate
Introduced: February 18, 2025
Classification: Bill

Purpose and Intent

Bill S 5083 aims to provide eligible members of retirement systems the option to receive a specific death benefit instead of the standard ordinary death benefit. This legislation is designed to offer greater flexibility and choice for members and their beneficiaries in the event of the member's death.

Key Provisions

  • Eligibility: The bill specifies criteria for members of retirement systems who qualify for this alternative death benefit.
  • Benefit Structure: Members who opt for this benefit would receive a death benefit that is distinct from the ordinary death benefit typically provided under existing retirement system rules.
  • Administrative Changes: The bill may require adjustments to the administrative processes of retirement systems to accommodate the new benefit option.

Impact

  • Affected Parties:
    • Retirement System Members: Eligible members will have the option to choose a different death benefit, potentially impacting their financial planning and the financial security of their beneficiaries.
    • Beneficiaries: The change may provide beneficiaries with a more favorable financial outcome depending on the circumstances of the member's death.
    • Retirement Systems: Administrative bodies will need to implement changes to accommodate the new benefit structure, which may involve additional training and resources.

Legislative Timeline

  • February 18, 2025: Bill introduced and referred to the Civil Service and Pensions Committee.
  • April 2, 2025: Reported and committed to the Finance Committee.
  • May 28, 2025: First report calendar.
  • May 29, 2025: Second report calendar.
  • June 4, 2025: Advanced to third reading.
  • June 10, 2025: Passed in the Senate and delivered to the Assembly.
  • June 11, 2025: Passed in the Assembly and returned to the Senate.

Related Legislation

  • S 7567: A related bill from the prior session that may address similar issues.
  • A 5898: A companion bill that likely parallels the provisions of S 5083.

Conclusion

Bill S 5083 represents a significant change in how death benefits are administered within retirement systems, providing members with more options and potentially enhancing the financial security of their beneficiaries. The bill's progression through the legislative process indicates a growing recognition of the need for flexibility in retirement benefits.

Compiled from official sources — confirm details with the bill’s official record.

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