Assembly Actions -
Senate Actions - UPPERCASE
|Jun 03, 2020||
referred to rules
Senate Bill S8478
2019-2020 Legislative Session
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-S8478 (ACTIVE) - Details
2019-S8478 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8478 SPONSOR: BORRELLO TITLE OF BILL: An act to amend the education law, in relation to allowing NYSTRS reti- rees to change their retirement plan beneficiary to a spouse at any time prior to or after retirement PURPOSE: This bill allows all NYSTRS retirees to change their retirement plan beneficiary to a spouse at any time either prior to or after retirement. SUMMARY OF PROVISIONS: Section 1: Amends subdivision 6 of section 539 of the education law, as added by chapter 694 of the laws of 2002. A retiree has no more than thirty days following the date a member retired to designate a new bene- ficiary, provided, however if a member is designating their spouse as a beneficiary. This proposal would allow such a change to be made at any
2019-S8478 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8478 I N S E N A T E June 3, 2020 ___________ Introduced by Sen. BORRELLO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the education law, in relation to allowing NYSTRS reti- rees to change their retirement plan beneficiary to a spouse at any time prior to or after retirement THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 6 of section 539 of the education law, as added by chapter 695 of the laws of 2002, is amended to read as follows: 6. An option selection duly filed by the member with the retirement system shall become effective upon retirement. Notwithstanding the fore- going, a member who has been retired for service or with a deferred retirement allowance may file an option selection or change or with- drawal of an option selection previously filed no later than thirty days following the date on which the member has retired, PROVIDED, HOWEVER, IF A MEMBER IS DESIGNATING THEIR SPOUSE AS A BENEFICIARY, SUCH OPTION SELECTION OR CHANGE MAY BE MADE AT ANY TIME PRIOR TO OR AFTER EFFECTIVE RETIREMENT; a member who has been retired for disability may file an option selection or a change or withdrawal of an option selection previ- ously filed no later than (i) thirty days following the date on which such member's application for disability retirement was approved by the retirement board or (ii) thirty days following the date on which the member was retired for disability, whichever is later. PROVIDED, HOWEV- ER, IF A MEMBER WHO HAS BEEN RETIRED FOR DISABILITY IS DESIGNATING THEIR SPOUSE AS A BENEFICIARY, SUCH OPTION SELECTION OR CHANGE MAY BE MADE AT ANY TIME PRIOR TO OR AFTER THE DATE ON WHICH THE MEMBER WAS RETIRED FOR DISABILITY. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16560-02-0
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