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A 3416

Allows for NYSTRS retirees to change their retirement plan beneficiary to a spouse at any time either prior to or after retirement

2025 Regular Session Introduced by Bill Conrad

Allows NYSTRS retirees to designate a spouse as retirement-beneficiary at any time, pre- or post-retirement.

REFERRED TO GOVERNMENTAL EMPLOYEES
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Bill Summary · A 3416

Legislative Bill Summary – Assembly Bill A 3416 (2025)

Overview

Bill A 3416 would authorize New York State Teachers’ Retirement System (NYSTRS) retirees to designate a spouse as the retirement plan beneficiary at any time, applicable whether the designation is made before retirement or after retirement. The bill was introduced on January 27, 2025 and referred to the Assembly Committee on Governmental Employees.

Purpose and Intent

  • To provide greater flexibility for NYSTRS members in planning survivor benefits by allowing a spouse to be named as the retirement plan beneficiary at any point in time.
  • The measure aims to simplify or modernize the beneficiary-designation process, removing potential timing constraints that might otherwise limit who can be designated as a beneficiary.

Key Provisions (as described)

  • Permits changes to the NYSTRS retirement plan beneficiary designation to a spouse at any time, including both pre-retirement and post-retirement periods.
  • The change would presumably be implemented through NYSTRS’ existing beneficiary-designation processes and forms, subject to standard rules and procedures governing beneficiary designations.
  • The bill would apply specifically to the designation linked to NYSTRS retirement benefits; it does not necessarily address other NYSTRS benefits or programs unless referenced in the text.

Who Would Be Affected

  • NYSTRS retirees and prospective retirees who wish to designate a spouse as their retirement-plan beneficiary.
  • Spouses of NYSTRS members, as the designated beneficiary, who may receive survivor benefits upon the member’s death under the plan.
  • NYSTRS as the administering body, which would implement and manage the change in designation process.

Procedural and Timeline Aspects

  • Introduced: January 27, 2025.
  • Status: Referred to the Assembly Committee on Governmental Employees.
  • Legislative actions listed for the same date (two entries) indicate referral activity.
  • Related and companion bills exist in prior sessions (e.g., S 6258 and other listed companions), suggesting ongoing interest in beneficiary-designation reforms across sessions.

Related Legislation

  • Related Senate and Assembly measures noted, including companion bills and prior-session versions:
    • S 8478, S 1754, S 1118 (prior-session)
    • A 6117 (prior-session)
    • S 6258 (companion) listed twice

Potential Impact and Considerations

  • Increased flexibility for survivor planning for NYSTRS members and their spouses.
  • Administrative implications for NYSTRS in processing beneficiary changes, including timing, form requirements, and documentation.
  • Potential effects on survivor benefits, estate planning, and any associated tax or social security considerations (not specified in the bill text but commonly relevant to beneficiary designations).
  • Unclear from available information when or if the bill would take effect or any sunset provisions; further action would be required in committee and on the floor.

How to Track Progress

  • Monitor updates from the Assembly Committee on Governmental Employees and the bill’s sponsor, Rep. William Conrad.
  • Watch for floor votes, amendments, and potential companion action in the Senate (e.g., S 6258 and other listed Senate measures).

Compiled from official sources — confirm details with the bill’s official record.

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