Bill > A01878

This bill amends the New York Social Services Law to expand the list of resources that are exempt from calculation when determining household benefits under public assistance programs by explicitly adding Individual Retirement Accounts (IRAs) and Roth IRAs to the list. Currently, the law already exempts several types of resources such as cash (up to certain limits), home residence, one automobile, burial plots, funeral agreements, and funds in specific types of savings accounts. By adding IRAs and Roth IRAs to this list, the bill ensures that these retirement savings accounts will not be counted when determining a household's eligibility for public assistance programs. This means individuals with retirement savings in IRAs or Roth IRAs will not have these funds considered as available resources that could disqualify them from receiving public assistance. The bill takes effect immediately, though the specific amendment is set to expire with the existing section of law. This change aims to provide additional financial protection for individuals receiving or seeking public assistance by recognizing retirement savings as protected assets.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/A1878