Bill > A03416

This bill amends the New York State Teachers' Retirement System (NYSTRS) regulations to provide more flexibility for retirees in changing their retirement plan beneficiary, specifically allowing members to designate their spouse as a beneficiary at any time before or after retirement. Currently, members have limited windows to make beneficiary changes, typically within 30 days of retirement. The proposed amendment removes these time restrictions specifically for spousal beneficiary designations, meaning NYSTRS retirees can now update their beneficiary to include their spouse whenever they choose, whether they are recently retired, have been retired for service, or are retired due to disability. This change provides greater freedom and adaptability for NYSTRS members in managing their retirement benefits and ensuring their spouse is properly designated as a beneficiary. The bill will take effect immediately upon passage.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A3416