Bill Text: NY S07159 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 7159 (Prior Session Legislation)

Introduced

Bill Title: Establishes what constitutes a testamentary substitute if the decedent designated the beneficiary or beneficiaries of the plan benefits on or before September first, nineteen hundred ninety-two or, when such plan benefits are provided for by a governmental plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO JUDICIARY [S07159 Detail]

Download: New_York-2017-S07159-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          7159
                    IN SENATE
                                       (Prefiled)
                                     January 3, 2018
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary
        AN ACT to amend the estates, powers  and  trusts  law,  in  relation  to
          establishing what transactions constitute a testamentary substitute
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Clause (G) of subparagraph 1 of paragraph  (b)  of  section
     2  5-1.1-A of the estates, powers and trusts law, as amended by chapter 515
     3  of the laws of 1993, is amended to read as follows:
     4    (G)  Any  money,  securities or other property payable under a thrift,
     5  savings, retirement,  pension,  deferred  compensation,  death  benefit,
     6  stock  bonus  or  profit-sharing  plan,  account, arrangement, system or
     7  trust, except that with respect to a plan to which subsection  (a)  (11)
     8  of  section  four hundred one of the United States Internal Revenue Code
     9  applies or a defined contribution plan to which such subsection does not
    10  apply pursuant to paragraph (B) (iii) thereof, only  to  the  extent  of
    11  fifty  percent of the capital value thereof. Notwithstanding the forego-
    12  ing, a transaction described herein shall not constitute a  testamentary
    13  substitute  if  the decedent designated the beneficiary or beneficiaries
    14  of the plan benefits on or  before  September  first,  nineteen  hundred
    15  ninety-two  and  did  not change such beneficiary designation thereafter
    16  or, when such plan benefits are provided  by  a  governmental  plan,  as
    17  defined by subsection (d) of section four hundred fourteen of the United
    18  States Internal Revenue code, if the decedent designated the beneficiary
    19  of  such  plan benefits in accordance with either a separation agreement
    20  relating to marital property or domestic relations order.
    21    § 2. This act shall take effect immediately and shall apply to estates
    22  of decedents dying on and after such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13887-03-7