New York Retirement Plans for Public Employees Can Leave Surviving Spouses With Nothing - It's Past Time To Change That
96 NYSBA J. No. 2 at 23 (Spring 2024)
5 Pages Posted: 4 Apr 2024
Date Written: April 1, 2024
Abstract
Surviving spouses of retired New York public employees may learn soon after burying their spouses that they will receive no plan survivor benefits because the default retirement benefits of all those plans is an annuity whose payments end at the retiree’s death.
The article introduces the proposed Equity for Surviving Spouses Act (ESSA) which would change that result prospectively by giving rights to surviving spouses of New York public employees that are similar to those that have been provided for many years to surviving spouses of retired federal employees, of private employees, and of employees most other states.
Keywords: Retirement plan, pension plan, retirees, equity, ERISA, REACT, surviving spouses, survivor benefits, death benefits, New York, right of election, marital rights, family protections, domestic relations, tax
JEL Classification: I18, I31, J26, J32, J33, J45, K34, K36
Suggested Citation: Suggested Citation