Section 360-B. Guaranteed ordinary death benefit for participating employers

(a) Pursuant to the provisions  of  section  three  hundred
  thirty-three  of  this  article,  a  participating employer may elect to
  provide a guaranteed ordinary death benefit upon the death in service of
  its employees who (i) meet all of  the  requirements  of  section  three
  hundred  sixty of this title except that contained in paragraph three of
  subdivision (a) thereof, and (ii) last entered or reentered  the  employ
  of  a  participating  employer  prior  to  April first, nineteen hundred
  eighty-five, and were in such employ  on  March  thirty-first,  nineteen
  hundred  eighty-five,  and  (iii)  last  joined  or  rejoined  a  public
  retirement system of the state or a  municipality  thereof  before  July
  first,  nineteen  hundred  seventy-three,  and (iv) had not attained age
  sixty at the date of such  entrance  into  such  service,  and  (v)  had
  rendered  ninety  or  more  days of continuous service in the service of
  such participating employer during the fifteen month period  immediately
  preceding  death.  For the purposes of this section an employee who dies
  while off the payroll shall be considered to be in service  provided  he
  or  she  (1) was on the payroll in such service and paid within a period
  of twelve months prior to his or her death, or was on the payroll in the
  service upon which membership is based at the time he or she was ordered
  to active duty, other than for training purposes, pursuant to  Title  10
  of  the  United  States Code, with the armed forces of the United States
  and died while on such active duty on or after the effective date of the
  chapter of the laws of two thousand five which amended this subdivision,
  (2) had not been otherwise gainfully employed since he or she ceased  to
  be  on  such  payroll  and  (3)  had  credit  for  one  or more years of
  continuous service since he or she last entered or reentered the service
  of his or her employer. Provided, further, that any such member  ordered
  to  active  duty, other than for training purposes, pursuant to Title 10
  of the United States Code, with the armed forces of  the  United  States
  who  died  prior to rendering the minimum amount of service necessary to
  be eligible for this benefit shall be considered to have  satisfied  the
  minimum service requirement.
    (b)  The guaranteed ordinary death benefit provided under this section
  to  the  beneficiary  of  such  employee  shall  be  three   times   the
  compensation earnable by him during his last twelve months of service as
  a  member,  raised  to the next higher multiple of one thousand dollars,
  but in no  event  greater  than  twenty  thousand  dollars.  Where  such
  employee  dies  before  rendering one year of service, the death benefit
  pursuant to this section shall be three times the compensation that  the
  member  would  have  earned had he worked for twelve months prior to the
  date of his death, raised to the next higher multiple  of  one  thousand
  dollars, but in no event greater than twenty thousand dollars.
    (c)  The  beneficiary  shall  receive  the  benefits  provided by this
  section or those  provided  by  section  three  hundred  sixty  of  this
  article, whichever are greater.
    (d)  The  provisions  of this section shall apply in the case of death
  occurring on or after this section becomes law and prior to July  first,
  nineteen hundred seventy-four.