NY State Senate Bill 2019-S8478

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

Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 03, 2020	referred to rules

2019-S8478 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Education Law
Laws Affected:: Amd §539, Ed L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S1754
2023-2024: S1118, S8321

2019-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.

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

time prior to or after retirement. This also applies to members who have
retired with a disability retirement benefit.

Section 2: Provides the effective date

 
JUSTIFICATION:

People often live long after they retire. The current system in New York
State does not allow an individual to designate a spouse as a benefici-
ary after they retire. This is an antiquated system and needs to be
updated to reflect the current times.

All situations are different. Many retirees enter a marriage post
retirement. This change of life event should allow retirees the option
to appoint their spouse as a beneficiary, and render a retirement bene-
fit decision, made either years or a few decades ago, to be altered
based on the circumstances.

This bill will provide a needed update to the current system to reflect
today's realities. It will also provide peace of mind to retirees in
these circumstances by giving them the assurance that they are helping
to take care of their spouse.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

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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