Chapter 89 of the Laws of 2020 – Provides death benefits to statutory beneficiaries of members whose death was a result of or was contributed to by COVID19
This Act adds Retirement and Social Security Law §§ 509-a, 607-i and Administrative Code of the City of New York § 13-149.1 by providing, subject to documentation requirements, an Accidental Death Benefit to the eligible beneficiaries of a member or a retiree who retired after March 1, 2020, where such member reported for work outside their home and contracted COVID-19 within 45 days after reporting for work, and whose death was caused by COVID19 or where COVID19 contributed to such member’s death. Amounts payable are reduced by payments of any ordinary death benefits or option benefit paid to another statutory beneficiary.
This act is effective as of March 1, 2020.
Public Law No: 116-136 – Coronavirus Aid, Relief and Economic Security (CARES) Act
Allowed NYCERS members to delay repayment of loans for one (1) year and affects tax treatment of distributions.
The CARES Act is Federal legislation designed to stimulate the U.S. economy.
This law was effective as of March 27, 2020, and applicable to loan payments due up to December 31, 2020.
IRS Notice 2020-23 – Update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
Allowed NYCERS members to defer payment on any outstanding loans that were not in default for the period from April 1, 2020 until July 15, 2020, and extended the deadline to complete a rollover of an eligible distribution.
IRS Notice 2020-23 is a regulation issued by the Internal Revenue Service regarding the deadline for certain acts that must be performed by taxpayers.
Notice 2020-23 was issued April 9, 2020, and was effective as to certain actions to be taken by taxpayers from April 1, 2020 through July 15, 2020.
Chapter 58 of the Laws of 2020 (Item NNN) – Increases certain special accidental death benefits
This law amends the Retirement and Social Security Law (RSSL) § 361-a(c) and General Municipal Law (GML) § 208-f(c) by increasing the deceased member’s salary used in the computation of the special accidental death benefit by adding to it an additional percentage. The beneficiaries of the following NYCERS members are covered: Correction Officers, Housing and Transit Police, Uniformed Sanitation members, certain EMTs and TBTA members.
This law is effective as of July 1, 2020.