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Senate Bill S7899

2009-2010 Legislative Session

Permits a beneficiary of certain death benefits to receive the lump sum death benefit as it was at the time of death and to designate a beneficiary of such annuity payments

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Archive: Last Bill Status - In Assembly Committee

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2009-S7899 (ACTIVE) - Details

See Assembly Version of this Bill:
A8662
Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §448, R & SS L

2009-S7899 (ACTIVE) - Summary

Permits a beneficiary of certain death benefits to receive the lump sum death benefit as it was at the time of death and to designate a beneficiary of such annuity payments.

2009-S7899 (ACTIVE) - Sponsor Memo

2009-S7899 (ACTIVE) - Bill Text download pdf 

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

                                  7899

                            I N  S E N A T E

                              May 20, 2010
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Social Services

AN ACT to amend the retirement and social security law, in  relation  to
  permitting  a  beneficiary  of  death  benefits  under this section to
  receive the lump sum death benefit as it was at the time of death  and
  to designate a beneficiary of such annuity payments

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

  Section 1.  Section 448 of the retirement and social security  law  is
amended by adding a  new subdivision h to read as follows:
  H. A MEMBER, OR AFTER HIS OR HER DEATH, THE PERSON NOMINATED BY HIM OR
HER  TO  RECEIVE  BENEFITS  UNDER THIS SECTION, MAY ELECT TO RECEIVE THE
ACTUARIAL EQUIVALENT OF THE ANNUITY SPECIFIED IN SUBDIVISION G  OF  THIS
SECTION  IN  THE  FORM  OF A REDUCED ANNUITY, PAYABLE FOR LIFE, WITH THE
FURTHER PROVISION THAT IF THE PERSON SO NOMINATED SHOULD DIE BEFORE  THE
ANNUITY  PAYMENTS RECEIVED BY HIM OR HER ARE EQUAL TO THE LUMP SUM DEATH
BENEFIT AS IT WAS AT THE TIME OF DEATH, WITH THE BALANCE THEREOF PAID IN
A LUMP SUM TO SUCH BENEFICIARY'S ESTATE OR TO SUCH PERSON AS SUCH MEMBER
OR HIS OR HER NOMINEE SHALL HAVE DESIGNATED PRIOR TO HIS OR  HER  DEATH.
SUCH  ELECTION  SHALL  BE  MADE PRIOR TO OR WITHIN NINETY DAYS AFTER THE
DEATH OF THE MEMBER. SUCH DESIGNATION OF A BENEFICIARY TO  RECEIVE  SUCH
LUMP  SUM  MAY BE MADE OR CHANGED AT ANY TIME BY THE PERSON WHO MADE IT.
SUCH ELECTION, DESIGNATION OR CHANGE SHALL BE MADE  BY  A  WRITING  DULY
EXECUTED  AND  FILED  WITH  THE  COMPTROLLER. IF THE PERSON NOMINATED TO
RECEIVE SUCH LUMP SUM DOES NOT SURVIVE THE  MEMBER'S  BENEFICIARY,  SUCH
LUMP  SUM, IF ANY SHALL BE PAYABLE TO THE ESTATE OF THE MEMBER'S BENEFI-
CIARY OR AS PROVIDED IN SECTION ONE THOUSAND THREE HUNDRED  TEN  OF  THE
SURROGATE'S COURT PROCEDURE ACT.
  S 2. This act shall take effect immediately.
  FISCAL  NOTE.--This  bill  would allow the designated beneficiary of a
Tier 2 member of a public retirement system who has elected  to  receive
the ordinary death benefit as an annuity to elect a reduced annuity with
the  provision  that  if  the  beneficiary should die before the annuity
payments received equal the original amount of the  death  benefit,  the

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

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