Bill > S1533

Introduced Session

This bill requires written spousal consent whenever a member of the Teachers' Pension and Annuity Fund (TPAF), the Judicial Retirement System (JRS), or the Public Employees' Retirement System (PERS) elects a retirement benefit which is payable for the life of the member only or any other payout option that provides a benefit to the member's spouse that is less than one-half of the member's retirement allowance. Current law requires that whenever a TPAF, JRS or PERS member elects a retirement benefit that is payable only during the life of the member and terminates at death, without payment of any kind to the spouse, the division must send a notice, by certified mail, to the spouse that the retirement benefit chosen by the member is payable only during the member's lifetime and that no benefits, other than any applicable life insurance benefits, will be payable to any beneficiary after the member's death. Under the bill, whenever a member of the TPAF, the JRS, or the PERS elects a retirement benefit that is payable only during the life of the member and terminates at death, without payment of any kind to the spouse, or any other payout option that provides a benefit to the member's spouse that is less than one-half of the member's retirement allowance to be continued throughout the life of the spouse, the election will not take effect unless: 1) the spouse of the member consents in writing to such election; 2) such election designates a beneficiary or an option neither of which may be changed without spousal consent, or the consent of the spouse expressly permits designations by the member without any requirement of further consent by the spouse; and 3) the spouse's consent acknowledges the effect of such election and is witnessed by a representative of the Division of Pensions and Benefits or a notary public. Such consent will not be required if it is established to the satisfaction of the retirement system that the consent may not be obtained because there is no spouse, the spouse cannot be located, or there are such other circumstances as the Division of Pensions and Benefits may prescribe by regulations. These requirements are similar to those of nongovernmental plans regulated by federal law pursuant to the Employees Retirement Income Security Act (ERISA).

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Shirley Turner (D)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 01/09/2024)

Official Document