S5588A-2009 - NY Senate Open Legislation - Grants an exemption to provisions prohibiting transfer of any retirement plan upon commencement of matrimonial action when benefits are being paid under such plan

Grants an exemption to provisions prohibiting transfer of any retirement plan upon commencement of a matrimonial action when the retirement plan is already paying benefits.

Sponsor: SAMPSON
Law Section: Domestic Relations Law / Law: Amd S236, Dom Rel L

S5588A-2009 Actions

Mar 30, 2010: SIGNED CHAP.32
Mar 18, 2010: DELIVERED TO GOVERNOR
Mar 10, 2010: returned to senate
Mar 10, 2010: passed assembly
Mar 10, 2010: ordered to third reading cal.580
Mar 10, 2010: substituted for a8378a
Feb 8, 2010: referred to judiciary
Feb 8, 2010: DELIVERED TO ASSEMBLY
Feb 8, 2010: PASSED SENATE
Feb 2, 2010: ADVANCED TO THIRD READING
Feb 1, 2010: 2ND REPORT CAL.
Jan 26, 2010: 1ST REPORT CAL.55
Jan 20, 2010: PRINT NUMBER 5588A
Jan 20, 2010: AMEND AND RECOMMIT TO JUDICIARY
Jan 6, 2010: REFERRED TO JUDICIARY
Jul 16, 2009: COMMITTED TO RULES
Jun 4, 2009: ADVANCED TO THIRD READING
Jun 3, 2009: 2ND REPORT CAL.
Jun 2, 2009: 1ST REPORT CAL.530
May 20, 2009: REFERRED TO JUDICIARY

S5588A-2009 Meetings

Judiciary: Jan 26, 2010

S5588A-2009 Calendars

Active List: Feb 8, 2010 , Floor Calendar: Feb 1, 2010 , Floor Calendar: Feb 2, 2010 , Floor Calendar: Feb 8, 2010

S5588A-2009 Votes

VOTE: COMMITTEE VOTE: - Judiciary - Jan 26, 2010

Ayes (21): Sampson, Onorato, Schneiderman, Hassell-Thompson, Klein, Adams, Espada, Breslin, Dilan, Savino, Perkins, Maziarz, DeFrancisco, Volker, Saland, LaValle, Bonacic, Winner, Nozzolio, Lanza, Ranzenhofer
Ayes W/R (1): Diaz

VOTE: FLOOR VOTE: - Feb 8, 2010

Ayes (61): Adams, Addabbo, Alesi, Aubertine, Bonacic, Breslin, DeFrancisco, Diaz, Dilan, Duane, Espada, Farley, Flanagan, Foley, Fuschillo, Golden, Griffo, Hannon, Hassell-Thomps, Huntley, Johnson C, Johnson O, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Leibell, Libous, Little, Marcellino, Maziarz, McDonald, Monserrate, Montgomery, Nozzolio, Onorato, Oppenheimer, Padavan, Parker, Perkins, Ranzenhofer, Robach, Saland, Sampson, Savino, Schneiderman, Serrano, Seward, Skelos, Smith, Squadron, Stachowski, Stavisky, Stewart-Cousins, Thompson, Valesky, Volker, Winner, Young
Excused (1): Morahan

S5588A-2009 Memo

 BILL NUMBER:  S5588

 TITLE OF BILL :
An act to amend the domestic relations law, in relation to the use of
the proceeds of a retirement plan after the commencement of a
matrimonial action


 PURPOSE OF BILL :
This bill makes a correction to legislative bill numbers A.2574/S.2970
'09, by permitting either party to a matrimonial action to continue
receiving payments from a retirement plan, where such party is already
in pay status at the time when the automatic orders preventing
dissipation of funds would otherwise take effect.

 SUMMARY OF PROVISIONS :
Section 1 amends subparagraph 2 of paragraph b of subdivision 2 of
part B section 236 of the domestic relations law, as added by a
chapter of the laws of 2009, by exempting either party to a
matrimonial action from the automatic order provision relating to
retirement accounts, where such party is already in pay status so that
such party may continue to receive the retirement payments that he or
she was previously receiving.

 JUSTIFICATION :
This bill clarifies that those who are already retired and are
receiving payments from a retirement plan, can continue to receive
such payments.

 LEGISLATIVE HISTORY :
2009 - Ch. Amend to A.2574/S.2970.

 FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS :
None.

 EFFECTIVE DATE :
The law shall take effect on the same date and in the same manner as a
chapter of the laws of 2009, amending the domestic relations law
relating to establishing automatic orders in matrimonial actions, as
proposed in legislative bills A.2574/S.2970, takes effect.

S5588A-2009 Text

 S T A T E   O F   N E W   Y O R K
 
 5588--A
 2009-2010 Regular Sessions
 I N  SENATE
 May 20, 2009
 
 Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Judiciary  --  recommitted
 to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8
 --  committee  discharged,  bill amended, ordered reprinted as amended
 and recommitted to said committee
 

AN ACT to amend the domestic relations law, in relation to  the  use  of
 the proceeds of a retirement plan after the commencement of a matrimo
 nial action
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Subparagraph 2 of paragraph b of subdivision 2 of part B of
 section 236 of the domestic relations law, as added by chapter 72 of the
 laws of 2009, is amended to read as follows:

 (2) Neither party shall transfer, encumber, assign,  remove,  withdraw
 or  in any way dispose of any tax deferred funds, stocks or other assets
 held in any individual retirement accounts, 401K accounts, profit  shar
 ing  plans,  [Keough] KEOGH accounts, or any other pension or retirement
 account, and the parties shall further  refrain  from  applying  for  or
 requesting the payment of retirement benefits or annuity payments of any
 kind, without the consent of the other party in writing, or upon further
 order  of  the court; EXCEPT THAT ANY PARTY WHO IS ALREADY IN PAY STATUS
 MAY CONTINUE TO RECEIVE SUCH PAYMENTS THEREUNDER.
 

S 2. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after September 1, 2009.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11900-04-0

S5588A-2009: Grants an exemption to provisions prohibiting transfer of any retirement plan upon commencement of matrimonial action when benefits are being paid under such plan