Bill > S08190

This bill provides a unique exception for Thomas Collins, a retired member of the New York State Teachers' Retirement System, to change his retirement benefit option retroactively. Specifically, Collins, who retired from Pearl River School District on July 1, 2010, initially elected the maximum single life benefit but will now be allowed to switch to a 100% joint and survivor option with his wife Sandra as the beneficiary. Although he missed the standard 30-day window to make this change, the bill allows him to file a written request with the retirement system within one year of the act's effective date. Collins will be responsible for repaying the difference between the benefits he has already received and the new benefit option, estimated at approximately $139,000, with the remaining $64,000 cost to be covered by employers in the New York State Teachers' Retirement System. The bill acknowledges that Collins' failure to change his original election was not due to his own negligence, and the new benefit option will be retroactively effective to his original retirement date of July 1, 2010. While the bill provides a personal remedy for Collins, the fiscal note warns that such post-retirement changes could potentially weaken the system's risk pooling and pricing mechanisms.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8190