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Senate Bill S5588

Signed By Governor

2009-2010 Legislative Session

Grants an exemption to provisions prohibiting transfer of any retirement plan upon commencement of matrimonial action when benefits are being paid under such plan

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Archive: Last Bill Status - Signed by Governor

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Bill Amendments

2009-S5588 - Details

Law Section:
Domestic Relations Law
Laws Affected:
Amd §236, Dom Rel L

2009-S5588 - Summary

Grants an exemption to provisions prohibiting transfer of any retirement plan upon commencement of a matrimonial action when the retirement plan is already paying benefits.

2009-S5588 - Sponsor Memo

2009-S5588 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5588

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              May 20, 2009
                               ___________

Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the domestic relations law, in relation to  the  use  of
  the proceeds of a retirement plan after the commencement of a matrimo-
  nial action

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph 2 of paragraph b of subdivision 2 of part B of
section 236 of the domestic relations law, as added by a chapter of  the
laws of 2009, amending the domestic relations law relating to establish-
ing  automatic orders in matrimonial actions, as proposed in legislative
bills numbers S.2970 and A.2574, is amended to read as follows:
  (2) Neither party shall transfer, encumber, assign,  remove,  withdraw
or  in any way dispose of any tax deferred funds, stocks or other assets
held in any individual retirement accounts, 401K accounts, profit  shar-
ing  plans, Keough accounts, or any other pension or retirement account,
and the parties shall further refrain from applying  for  or  requesting
the  payment  of  retirement  benefits  or annuity payments of any kind,
without the consent of the other party in writing, or upon further order
of the court; EXCEPT THAT ANY PARTY WHO IS ALREADY  IN  PAY  STATUS  MAY
CONTINUE TO RECEIVE SUCH PAYMENTS THEREUNDER.
  S  2.  This  act  shall  take  effect on the same date and in the same
manner as a chapter of the laws of 2009, amending the domestic relations
law relating to establishing automatic orders in matrimonial actions, as
proposed in legislative bills numbers S.2970 and A.2574, takes effect.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11900-02-9

2009-S5588A (ACTIVE) - Details

Law Section:
Domestic Relations Law
Laws Affected:
Amd §236, Dom Rel L

2009-S5588A (ACTIVE) - Summary

Grants an exemption to provisions prohibiting transfer of any retirement plan upon commencement of a matrimonial action when the retirement plan is already paying benefits.

2009-S5588A (ACTIVE) - Sponsor Memo

2009-S5588A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5588--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              May 20, 2009
                               ___________

Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary  --  recommitted
  to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the domestic relations law, in relation to  the  use  of
  the proceeds of a retirement plan after the commencement of a matrimo-
  nial action

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph 2 of paragraph b of subdivision 2 of part B of
section 236 of the domestic relations law, as added by chapter 72 of the
laws of 2009, is amended to read as follows:
  (2) Neither party shall transfer, encumber, assign,  remove,  withdraw
or  in any way dispose of any tax deferred funds, stocks or other assets
held in any individual retirement accounts, 401K accounts, profit  shar-
ing  plans,  [Keough] KEOGH accounts, or any other pension or retirement
account, and the parties shall further  refrain  from  applying  for  or
requesting the payment of retirement benefits or annuity payments of any
kind, without the consent of the other party in writing, or upon further
order  of  the court; EXCEPT THAT ANY PARTY WHO IS ALREADY IN PAY STATUS
MAY CONTINUE TO RECEIVE SUCH PAYMENTS THEREUNDER.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after September 1, 2009.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11900-04-0

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