Permits TPAF and PERS retirees to change named beneficiary upon death of previously named beneficiary.
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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 allows retirees of the Teachers’ Pension and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS) to change the beneficiary they’ve designated to receive their retirement benefits after their own death. Currently, once a beneficiary is named, it cannot be changed. This legislation would permit a retiree to designate a new beneficiary if the original beneficiary passes away after the retiree’s retirement. The bill outlines a process for recalculating benefits to ensure equivalent actuarial value and doesn’t increase the system’s unfunded liability.
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