New York S 10394: Authorizes Michael Hall to file a request for change of benefit coverage with the New York state teachers' retirement system

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S10394 Summary:

BILL NOS10394 

&nbsp

SAME ASSAME AS A10963

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SPONSORBORRELLO

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COSPNSR

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MLTSPNSR

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&nbsp

Authorizes Michael Hall to file a request for change of benefit coverage with the New York state teachers' retirement system.

Go to top S10394 Actions:

BILL NOS10394 

&nbsp

05/15/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS10394 Committee&nbspVotes:

Go to topS10394 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10394 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10394

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. BORRELLO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions

 AN ACT in relation to authorizing Michael Hall to file a request for
 change of benefit coverage with the New York state teachers' retire-
 ment system

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Notwithstanding any other provision of law, Michael Hall,
 2 who is currently a member of the New York state teachers' retirement
 3 system, who retired from Oakfield-Alabama Combined School District on
 4 January 31, 2004, and who since his date of retirement has been receiv-
 5 ing a reduced retirement benefit election pursuant to designating his
 6 wife, Bonnie L. Hall, under a survivor option and electing her as his
 7 irrevocable beneficiary, and who, for reasons not ascribable to his own
 8 negligence, even upon notice in 2004 from the retirement system of his
 9 election of the reduced retirement benefit election designating his wife
 10 Bonnie L. Hall under a survivor option and electing her as his irrev-
 11 ocable beneficiary, failed to change his retirement option election
 12 prior to the expiration of the thirty days in accordance with article 11
 13 of the education law and to elect for the maximum retirement benefit
 14 option, shall be authorized to change said reduced retirement benefit
 15 option designating his wife, Bonnie L. Hall under a survivor option and
 16 electing her as his irrevocable beneficiary to the maximum retirement
 17 option, if within one year of the effective date of this act, he shall
 18 file a written request on a form prescribed by the New York state teach-
 19 ers' retirement system with the head of said retirement system. Such
 20 change of benefit coverage shall be deemed to become effective on Janu-
 21 ary 31, 2004.
 22 § 2. Any costs attributable to implementation of the retirement
 23 election option change, authorized by section one of this act, shall be
 24 borne by the employers of members of the New York state teachers'
 25 retirement system.
 26 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15225-03-6

 S. 10394 2

 Bill Description:
 This fiscal note is prepared for legislative bill draft #15225-02-6.
 This bill would authorize Michael Hall, a retired member of the New York
 State Teacher's Retirement System (NYSTRS), who elected the 100% joint
 and survivor option benefit to change his option election to the maximum
 single life benefit effective as of his date of retirement, January 31,
 2004. The increase in pension benefit will be paid retroactively to this
 date. Michael Hall must file a written request with the head of NYSTRS
 within one year of the effective date of this act.
 Cost and Current Law:
 The cost of this benefit is equal to the increase in the present value
 of liabilities, which is estimated to be $211,000. This cost would be
 borne by the employers of members of the New York State Teachers'
 Retirement System. Allowing retired members to change their benefit
 option after retirement weakens the pooling of longevity risk and the
 pricing of the options and would result in actuarial losses.
 Under current law, benefit option elections are generally irrevocable
 after retirement. Allowing post-retirement changes for individual
 members may introduce considerations regarding consistent application of
 such provisions across the membership.
 Data:
 Member data as of June 30, 2