Bill > A08671

This bill provides a special provision for Thomas Collins, a retired member of the New York State Teachers' Retirement System, to retroactively change his retirement benefit option. 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, naming his wife Sandra as the beneficiary. Despite originally missing the 30-day window to change his retirement option, Collins can file a written request with the retirement system within one year of the act's effective date. The change will be retroactive to his retirement date, but 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. The remaining cost of about $64,000 will be borne by the employers of the retirement system members. The bill acknowledges that allowing such a change after retirement could potentially impact the system's actuarial risk and pricing, but provides this one-time exception for Collins due to circumstances not attributed to his own negligence.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A8671