senate Bill S8478

2019-2020 Legislative Session

Relates to allowing for NYSTRS retirees to change their retirement plan beneficiary to a spouse at any time either prior to or after retirement

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 03, 2020 referred to rules

S8478 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Education Law
Laws Affected:
Amd §539, Ed L
Versions Introduced in 2021-2022 Legislative Session:
S1754

S8478 (ACTIVE) - Summary

Allows for NYSTRS retirees to change their retirement plan beneficiary to a spouse at any time either prior to or after retirement.

S8478 (ACTIVE) - Sponsor Memo

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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