STATE OF NEW YORK
________________________________________________________________________
8321
IN SENATE
January 17, 2024
___________
Introduced by Sen. 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
