BILL NUMBER: S6258
SPONSOR: SKOUFIS
 
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:
The purpose of this bill is to authorize a member of the New York State
Teachers' Retirement System (NYSTRS) who has retired for service, or who
has been retired for disability, may designate their spouse as a benefi-
ciary at any time prior to or after effective retirement.
 
SUMMARY OF PROVISIONS:
Section 1: Amends subdivision 6 of section 539 of the education law to
authorize a member of the NYSTRS who has retired for service, or who has
been retired for disability, may designate their spouse as a beneficiary
at any time prior to or after effective retirement.
Section 2: Sets the effective date.
 
JUSTIFICATION:
According to national census data, in 2020 there were at least 55.8
million Americans over the age of 65, which is the fastest increase of
such population since 1890. Americans are living longer under better
conditions; subsequently, changes to State law are required in order to
ensure the proper statutory reflection of this demographic change.
Currently, a member enrolled in the NYSTRS is not allowed to designate a
spouse as a beneficiary after they retire, and may only file an option
selection change or withdrawal of an option selection previously filed
no later than thirty days following retirement. All situations are
different, however, many retired members of the NYSTRS enter a marriage
or divorce after their retirement. As such, this change should be accom-
panied with the options to allow retirees to appoint their spouse as a
beneficiary, and render a retirement benefit decision, made either years
or a few decades ago, to be altered based on the circumstances.
Retired members of the NYSTRS should have the peace of mind that chang-
ing circumstances will not hinder their ability to choose the retirement
option that works best for them and their spouse. This bill would
authorize a member of the NYSTRS who has retired for service, or who has
been retired for disability, may designate their spouse as a beneficiary
at any time prior to or after effective retirement.
 
LEGISLATIVE HISTORY:
Senate
2019: N/A
2020: S8478, Referred to rules
2021: S1754, Referred to civil service and pension
2022: S1754, Reported and committed to finance
2023: N/A
2024: S8321, Reported and committed to finance
Assembly
2019: No Assembly Same-as
2020: No Assembly Same-as
2021: No Assembly Same-as
2022: No Assembly Same-as
2023: A6117, Referred to governmental employees
2024: A6117, Referred to governmental employees
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S6258: 539 education law, 539(6) education law