62-5 SPD:62/5 SPD.qxd - NYCERS

SUMMARY PLAN DESCRIPTION - 62/5 TIER 4 MEMBERS VERSION APRIL 2012LR: Chapter 617 of the Laws of 1986SR: RSSL §606 subdivision a(2)(f)Alternative Death Benefit for Members who joined NYCERS before July 26, 1986In the event of the death of a member in active service who joined NYCERS before July 26, 1986,there may be paid to the member's Designated Beneficiary or estate, as the case may be, a lumpsumdeath benefit or an annuity based on such benefit, calculated by multiplying one-twelfth ofthe Wages earned by such member during the last 12 months of Active Service while a member,by the number of years of Credited Service. The years of Credited Service may not exceed 36.This benefit may be paid if greater than the Ordinary Death Benefit payable under Plans 1 or 2.DEATH BENEFITS FOR VESTED MEMBERSIf you die prior to your Payability Date, and at a time and in a manner which did not result in paymentof an Ordinary Death Benefit to your beneficiary(ies), a lump-sum death benefit will bepaid to the beneficiary(ies) you last designated if you have 10 or more years of Credited Service.The death benefit amount awarded is based on 50% of the death benefit that would havebeen payable if you had died on your last day in active service plus the return of the Basic MemberContributions in the Member Contribution Accumulation Fund (MCAF), plus interest. If youdid not render 10 or more years of Credited Service, only the return of your contributions in theMCAF will be made payable to your beneficiary(ies), plus interest.LR: Chapter 388 of the Laws of 1998SR: RSSL §606-aACCIDENTAL DEATH BENEFITIf NYCERS’ Medical Board determines that your death was the natural and proximate result ofan accident sustained in the performance and discharge of duty, not caused by your own willfulnegligence, your Eligible Beneficiary(ies) is entitled to an Accidental Death Benefit. The annualbenefit equals 50% of the Wages you earned during your last year of service, or your annualwage rate if you had less than one year of service. Unlike the Ordinary Death Benefit, thedeceased member's Basic Member Contributions are not refunded to the beneficiary(ies).LR: Chapter 414 of the Laws of 1983SR: RSSL §607 subdivision aThe Eligible Beneficiaries of the Accidental Death Benefit are defined by statute in priority order.The benefit is paid in the following priority order:Your spouse, until remarriage, unless he or she has renounced survivorship rights, OREach of your children until he or she reaches age 25, ORYour parents who depend on you for support, ORAny person who qualified as a dependent on your final Federal income tax return, until age21, ORAnyone you designate as your beneficiary(ies) for your Ordinary Death BenefitLR: Chapter 414 of the Laws of 1983, as amended by Chapter 408 of the Laws of 2000SR: RSSL §601 subdivision dIf one of the persons in the priority order above ceases to be an Eligible Beneficiary, then the benefitcontinues to the next person(s) on the list. For example, if no spouse exists and the childrenare receiving the Accidental Death Benefit, when they reach 25 the benefit will continue to thenext on the list -- dependent parents, etc.Where there are two or more children as the Eligible Beneficiaries, the benefit will be dividedequally between them. Likewise, where there are two dependent parents, the benefit will beWWW.NYCERS.ORGSURVIVOR BENEFITS61