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A2947Assembly2009-2010 Session

Changes default option to a fifty percent joint and survivor option and requires written consent of a member's spouse for electing another option

Sponsor John McEnenyAD-104Affects Finance
Status
In Assembly Committee
Governmental Employees
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Governmental Employees

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Who cares

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Sponsors

Primary sponsor
John McEneny

Assembly Member · Assembly District 104

No co-sponsors yet.

History

  1. Print number 2947a
  2. Amend and recommit to governmental employees
  3. Referred to governmental employees
  4. Referred to governmental employees

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:A2947A

Title of bill

An act to amend the retirement and social security law, in relation to retirement options of married members

Purpose or general idea of bill

To require written consent of a members spouse for electing another option other than the fifty percent joint and survivor option to new members of the retirement system.

Summary of specific provisions

Section 1 amends paragraph 2 of subdivision bb of section 90 of the retirement and social security law by and adding a paragraph which requires a signed and acknowledged weaver of rights and allows the comptroller to promulgate regulations under which the waiver may be excused.

Section 2 amends paragraph 2 of subdivision bb of section 390 of the retirement arid social security law by adding a new paragraph b.

Section 3 amends section 514 of the retirement and social security law by adding a new subdivision d.

Section 4 amends subdivision d of section 610 of the retirement and social security law by adding a new paragraph 3.

Section 5 is the effective date.

Justification

This legislation would be similar to the federal ERISA law which requires an individual to obtain his or spouse's "sign-off" before a member could choose a retirement option that would not provide benefits to the spouse. There has been a case recently where a member who was under great mental stress inadvertently chose the wrong option, and unfortunately his wife was left with no pension benefit upon his death. This legislation is an attempt to avoid this situation from occurring in the future.

Prior legislative history

2009: A.2947, 2007/08: A.7038-A, 2005/06: A.2945, 2003/04: A.1863/S.2092, 2001/02: A.7464

Fiscal implications

None

Effective date

This action shall take effect immediately provided that the amendments made to sections 514 and 610 of the retirement and social security law by sections three and four of this act shall not affect the expiration of such sections, as provided by section 615 of the retirement and social security law, and shall expire and be repealed therewith.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.