HB 5056
Permit beneficiary under the State Teachers Retirement System to convert to the maximum life annuity if the spouse dies within the first five years of the beneficiary’s retirement
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes the options available to beneficiaries of the State Teachers Retirement System who receive a joint life annuity. If a beneficiary’s spouse dies within the first five years of the beneficiary’s retirement, the beneficiary will be allowed to convert their annuity to a maximum life annuity. The change is subject to providing proof of divorce or death and ensuring the recalculated monthly benefits don’t exceed what would have been received under the maximum life annuity at the time of retirement.
Key provisions
- Allows beneficiaries with joint life annuities to convert to a maximum life annuity.
- The conversion must occur if the spouse dies within the first five years of the beneficiary’s retirement.
- Proof of divorce or spouse’s death is required.
- Recalculated monthly benefits cannot exceed the maximum life annuity amount at retirement.
- Beneficiaries are limited to one such change.
- Remarriage allows naming a new spouse as an annuitant, subject to proof of marriage and certification under penalty of perjury.
Who is affected
- State Teachers Retirement System beneficiaries
- Spouses of State Teachers Retirement System beneficiaries
- Retirement board members
Notable changes
- Provides a specific option for beneficiaries whose spouse dies within five years of their retirement.
- Establishes limits on recalculated monthly benefits.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours