STATE OF NEW YORK
________________________________________________________________________
6432
2025-2026 Regular Sessions
IN SENATE
March 13, 2025
___________
Introduced by Sen. JACKSON -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to provide pension benefits to the widow of deceased firefighter
Derek Floyd
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding the provisions of any general or special
2 law, rule, or regulation to the contrary, Derek Floyd, who was previous-
3 ly employed by the New York city fire department prior to his death on
4 April 15, 2024, is hereby deemed to have vested in the New York city
5 fire pension fund. Christine Floyd, the widow of deceased firefighter
6 Derek Floyd is hereby eligible to file an application for and shall
7 receive pension benefits to which she would have been entitled if Derek
8 Floyd had been a member of such pension fund at the time of his death.
9 § 2. All costs of implementing the provisions of this act shall be
10 paid by the New York city fire department.
11 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY: This proposed legislation would deem deceased former proba-
tionary firefighter Derek Floyd as an active member at the time of his
death, entitling his widow, Christine Floyd, a Tier 3 Ordinary Death
Benefit of three times salary.
EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
by Fiscal Year for the first 25 years ($)
Year FIRE
2026 0
2027 307,000
2028 0
2029 0
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01264-02-5
S. 6432 2
2030 0
2031 0
2032 0
2033 0
2034 0
2035 0
2036 0
2037 0
2038 0
2039 0
2040 0
2041 0
2042 0
2043 0
2044 0
2045 0
2046 0
2047 0
2048 0
2049 0
2050 0
The entire increase in employer contributions will be allocated to New
York City.
PRESENT VALUE OF BENEFITS: The Present Value of Benefits is the
discounted expected value of benefits paid to current members if all
assumptions are met.
INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
as of June 30, 2025 ($)
Present Value (PV) FIRE
(1) PV of Employer Contributions: 277,000
(2) PV of Employee Contributions: 0
Total PV of Benefits (1) + (2): 277,000
UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
the portion of the Present Value of Benefits allocated to past service.
Since Mr. Floyd is deceased, and therefore has no remaining working
lifetime, the entire increase in UAL would be recognized immediately.
AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
FIRE
Increase (Decrease) in UAL: 277,000
Number of Payments: 1
Amortization Payment: 307,000
CENSUS DATA: The estimates presented herein are based on salary data
provided by the New York City Fire Pension Fund (FIRE). The Ordinary
Death Benefit estimated is based on Mr. Floyd's earnings in his last 12
months of service of approximately $92,200. The salary data was not
audited but was reviewed for reasonableness.
BACKGROUND: Former New York City probationary firefighter Derek Floyd
died on April 15, 2024, after his employment with the New York City Fire
Department ceased on November 9, 2023, so that his beneficiaries were
S. 6432 3
not entitled to the Ordinary Death Benefit afforded to members in active
service.
This proposed legislation would treat Mr. Floyd as an active member at
the time of his death, entitling his beneficiary to an additional lump
sum death benefit equal to three times his final year's earnings, round-
ed up to the nearest $1,000.
ASSUMPTIONS AND METHODS: The estimates presented herein have been
calculated based on the Revised 2021 Actuarial Assumptions and Methods
of the impacted retirement systems
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the actuarial assumptions, methods, and models used, demo-
graphics of the impacted population, and other factors such as invest-
ment, contribution, and other risks. If actual experience deviates from
actuarial assumptions, the actual costs could differ from those
presented herein. Quantifying these risks is beyond the scope of this
Fiscal Note.
This Fiscal Note is intended to measure pension-related impacts and
does not include other potential costs (e.g., administrative and Other
Postemployment Benefits). This Fiscal Note does not reflect any chapter
laws that may have been enacted during the current legislative session.
STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
sky are members of the Society of Actuaries and the American Academy of
Actuaries. We are members of NYCERS, but do not believe it impairs our
objectivity, and we meet the Qualification Standards of the American
Academy of Actuaries to render the actuarial opinion contained herein.
To the best of our knowledge, the results contained herein have been
prepared in accordance with generally accepted actuarial principles and
procedures and with the Actuarial Standards of Practice issued by the
Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-18 dated February
20, 2025 was prepared by the Chief Actuary for the New York City Retire-
ment Systems and Pension Funds and is intended for use only during the
2025 Legislative Session.
