Establishes what constitutes a testamentary substitute if the decedent designated the beneficiary or beneficiaries of the plan benefits on or before September first, nineteen hundred ninety-two or, when such plan benefits are provided for by a governmental plan.
STATE OF NEW YORK
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7159
IN SENATE(Prefiled)
January 3, 2018
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Judiciary
AN ACT to amend the estates, powers and trusts law, in relation to
establishing what transactions constitute a testamentary substitute
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Clause (G) of subparagraph 1 of paragraph (b) of section
2 5-1.1-A of the estates, powers and trusts law, as amended by chapter 515
3 of the laws of 1993, is amended to read as follows:
4 (G) Any money, securities or other property payable under a thrift,
5 savings, retirement, pension, deferred compensation, death benefit,
6 stock bonus or profit-sharing plan, account, arrangement, system or
7 trust, except that with respect to a plan to which subsection (a) (11)
8 of section four hundred one of the United States Internal Revenue Code
9 applies or a defined contribution plan to which such subsection does not
10 apply pursuant to paragraph (B) (iii) thereof, only to the extent of
11 fifty percent of the capital value thereof. Notwithstanding the forego-
12 ing, a transaction described herein shall not constitute a testamentary
13 substitute if the decedent designated the beneficiary or beneficiaries
14 of the plan benefits on or before September first, nineteen hundred
15 ninety-two and did not change such beneficiary designation thereafter
16 or, when such plan benefits are provided by a governmental plan, as
17 defined by subsection (d) of section four hundred fourteen of the United
18 States Internal Revenue code, if the decedent designated the beneficiary
19 of such plan benefits in accordance with either a separation agreement
20 relating to marital property or domestic relations order.
21 § 2. This act shall take effect immediately and shall apply to estates
22 of decedents dying on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13887-03-7
