Bill Text: NY A06117 | 2023-2024 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to governmental employees [A06117 Detail]

Download: New_York-2023-A06117-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6117

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 3, 2023
                                       ___________

        Introduced by M. of A. CONRAD -- read once and referred to the Committee
          on Governmental Employees

        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:

     1    Section 1. Subdivision 6 of section 539 of the education law, as added
     2  by chapter 695 of the laws of 2002, is amended to read as follows:
     3    6. An option selection duly filed by the member  with  the  retirement
     4  system shall become effective upon retirement. Notwithstanding the fore-
     5  going,  a  member  who  has  been retired for service or with a deferred
     6  retirement allowance may file an option selection  or  change  or  with-
     7  drawal of an option selection previously filed no later than thirty days
     8  following  the  date on which the member has retired, provided, however,
     9  if a member is designating their spouse as a  beneficiary,  such  option
    10  selection  or change may be made at any time prior to or after effective
    11  retirement; a member who has been retired for  disability  may  file  an
    12  option selection or a change or withdrawal of an option selection previ-
    13  ously  filed  no  later than (i) thirty days following the date on which
    14  such member's application for disability retirement was approved by  the
    15  retirement  board  or  (ii)  thirty days following the date on which the
    16  member was retired for disability, whichever is later. Provided,  howev-
    17  er, if a member who has been retired for disability is designating their
    18  spouse  as a beneficiary, such option selection or change may be made at
    19  any time prior to or after the date on which the member was retired  for
    20  disability.
    21    § 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