Assembly Bill A6117

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

download bill text pdf

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Current Bill Status - In Assembly 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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2023-A6117 (ACTIVE) - Details

See Senate Version of this Bill:
S8321
Current Committee:
Assembly Governmental Employees
Law Section:
Education Law
Laws Affected:
Amd §539, Ed L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8478
2021-2022: S1754

2023-A6117 (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-A6117 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6117
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               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:
 
   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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