New York Senate Bill S01118 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1118 2023-2024 Regular Sessions  IN SENATE 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: 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