2006 New York Code - Rights Of Beneficiaries Of Pension, Retirement, Death Benefit, Stock Bonus And Profit-sharing Plans, Systems Or Trusts And Of Beneficiaries Of Annuiti

 
  § 13-3.2  Rights of beneficiaries of pension, retirement, death benefit,
             stock bonus and profit-sharing plans, systems or  trusts  and
             of  beneficiaries  of  annuities  and  supplemental insurance
             contracts
    (a) If  a  person  is  entitled  to  receive  (1)  payment  in  money,
  securities or other property under a pension, retirement, death benefit,
  stock bonus or profit-sharing plan, system or trust or (2) money payable
  by  an  insurance  company  or  a savings bank authorized to conduct the
  business of life insurance under an annuity or pure  endowment  contract
  or  a policy of life, group life, industrial life or accident and health
  insurance, or if a contract made by such  an  insurer  relating  to  the
  payment  of  proceeds  or avails of such insurance designates a payee or
  beneficiary to receive such payment upon the death of the person  making
  the  designation  or  another,  the  rights  of  persons  so entitled or
  designated and the ownership of  money,  securities  or  other  property
  thereby  received  shall  not  be impaired or defeated by any statute or
  rule of law  governing  the  transfer  of  property  by  will,  gift  or
  intestacy.
    (b)  This section does not limit article 10 of the debtor and creditor
  law, articles 10-C and 26 of the tax law, or 2-1.8, 5-1.1-A or 13-3.6.
    (c) Paragraph (a) applies  although  a  designation  is  revocable  or
  subject  to  change  by the person who makes it, and although the money,
  securities or other property receivable thereunder are not  yet  payable
  at  the  time  the  designation  is  made  or are subject to withdrawal,
  collection or assignment by the person making the designation.
    (d) A person entitled to receive payment includes:
    (1) An  employee  or  participant  in  a  pension,  retirement,  death
  benefit, stock bonus or profit-sharing plan, system or trust.
    (2)  The  owner or person purchasing an annuity, the person insured or
  the person effecting insurance, the person effecting a contract relating
  to payment of the proceeds or avails of a  policy  of  insurance  or  an
  annuity or pure endowment contract.
    (3)  Any  person  entitled  to receive payment by reason of a payee or
  beneficiary designation described in this section.
    (e) A designation of a beneficiary or payee to  receive  payment  upon
  death  of  the  person making the designation or another must be made in
  writing and signed by the person making the designation and be:
    (1) Agreed to by the employer or made in  accordance  with  the  rules
  prescribed  for  the  pension, retirement, death benefit, stock bonus or
  profit-sharing plan, system or trust.
    (2) Agreed to by the insurance company or the savings bank  authorized
  to conduct the business of life insurance, as the case may be.
    (f)  This section applies to designations heretofore or hereafter made
  by persons who die on or after the date this section takes effect.  This
  section does not invalidate any contract or designation which  is  valid
  without regard to this section.