George Borrello
State Senator George Borrello is sponsoring a bill that would bring teacher’s pensions into the 21st century.
The senate bill would provide teachers in the state teachers retirement system more flexibility to change their post-retirement beneficiary designation.
The current system does not allow an individual to designate a spouse as a beneficiary after they retire, even if their life circumstances have changed. A retiree has no more than 30 days following their retirement date to designate a new beneficiary.
Under the legislation introduced and sponsored by Borrello, an individual in the retirement system would be able to designate a spouse as a beneficiary at any time before or after their retirement.
The measure has advanced out of the Civil Service and Pensions Committee. First introduced in 2020, the legislation has gained bipartisan support this year with Senators Robert Jackson, John Mannion, and Peter Oberacker signing on as co-sponsors.
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