Requires spousal consent to election of certain pension payout options under TPAF, JRS, and PERS.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires spousal consent before a member of the Teachers’ Pension and Annuity Fund (TPAF), the Judicial Retirement System (JRS), or the Public Employees’ Retirement System (PERS) can elect certain retirement payout options. Specifically, if an option provides a benefit to the spouse that’s less than half the member’s retirement allowance, the member must obtain written consent from their spouse before the election takes effect. The bill also outlines procedures for notifying the spouse of the election and ensures the consent is properly documented.
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