Governor Cuomo signed legislation yesterday (November 12) providing an annual increase in the rate of compensation for Gold Star Parents in New York who have lost a child in the armed services during a time of war.
Under current law, Gold Star Parents are paid $500 annually with no provision for an annual increase.
This new legislation amends the executive law to allow for an annual increase at a rate equal to the percentage increase of benefits set by the U.S. Department of Veterans’ Affairs.
The Gold Star annuity is a special income-eligible annuity to recognize the emotional loss and financial implications of parents whose child has died serving this country
Since it was implemented in 2008, the Gold Star Parent Annuity has not been increased, despite inflation and other economic factors causing prices to rise.