Bill > S1346

This bill amends existing law regarding "Option (d) beneficiaries," which refers to individuals designated to receive a portion of a public employee's retirement allowance if the employee dies before retirement. Specifically, it modifies how the survivor allowance is calculated when a member nominates multiple beneficiaries. Previously, the law might have had different provisions, but this bill clarifies that if a member designates more than one beneficiary, the allowance will be calculated based on the age of the youngest beneficiary at the time of the member's death, and importantly, if a beneficiary dies, the payments to the remaining beneficiaries will not change. This change aims to provide a clearer and potentially more consistent benefit structure for survivors of public employees.