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Senate Bill S1118

2023-2024 Legislative Session

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

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2023-S1118 (ACTIVE) - Details

See Assembly Version of this Bill:
A6117
Law Section:
Education Law
Laws Affected:
Amd §539, Ed L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8478
2021-2022: S1754
2025-2026: S6258, A3416

2023-S1118 (ACTIVE) - Summary

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

2023-S1118 (ACTIVE) - Sponsor Memo

2023-S1118 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1118
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sens. BORRELLO, JACKSON, MANNION -- read twice and ordered
   printed,  and  when  printed to be committed to the Committee on Civil
   Service and Pensions
 
 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.
                                                            LBD03778-01-3

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