Bill Text: NY S05763 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes the beneficiaries of a member of the state and local employees' retirement system who died after filing a retirement application to choose pension benefits rather than a death benefit.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Engrossed - Dead) 2020-03-10 - REPORTED AND COMMITTED TO FINANCE [S05763 Detail]

Download: New_York-2019-S05763-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5763

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 14, 2019
                                       ___________

        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT to amend the retirement and social security law, in  relation  to
          authorizing  the  beneficiaries  of  a  member  of the state and local
          employees' retirement system who die after filing a retirement  appli-
          cation to choose pension benefits rather than a death benefit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision a of section 70 of the  retirement  and  social
     2  security  law, as amended by chapter 375 of the laws of 2011, is amended
     3  to read as follows:
     4    a. Any member may retire if he or she shall have attained at least the
     5  minimum retirement age while in service as a member, or while in federal
     6  service, or in the service of the United Nations or other  international
     7  organizations  of  which  the  United  States  is  a member, as a member
     8  continued pursuant to paragraph one of subdivision f of section forty of
     9  this article, or while entitled to make application for a vested retire-
    10  ment allowance pursuant to section seventy-six of this title.  Any  such
    11  member desiring to retire shall execute and file with the comptroller an
    12  application  for  retirement,  which shall specify the effective date of
    13  his or her retirement, which shall be not less  than  fifteen  nor  more
    14  than  ninety  days subsequent to such date of filing. An application for
    15  service retirement, filed hereunder in accordance with the provisions of
    16  subdivision c of section sixty-two or subdivision f  of  section  sixty-
    17  three  of  this  article,  shall  be  processed  in  the regular manner,
    18  provided that if the application filed  simultaneously  therewith  under
    19  either  of  such  subdivisions  is  granted,  then and in that event the
    20  retirement allowance granted in accordance with the provisions  of  this
    21  section  shall  be  appropriately  adjusted.  Notwithstanding  any other
    22  provision of law, any member who is eligible to retire and who has  died
    23  while  in  active  service, and who has filed an application for service

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11209-01-9
        S. 5763                             2

     1  retirement less than thirty days prior to death, shall be deemed to have
     2  retired and the member's designated beneficiary shall have the option to
     3  choose the benefit provided by service retirement rather than the  death
     4  benefit, provided, however that if the designated beneficiary elects the
     5  service  retirement  benefit  such person shall be required to choose an
     6  option under section ninety of this article.
     7    § 2. This act shall take effect immediately and  shall  be  deemed  to
     8  have been in full force and effect on and after January 1, 2017.