The bill amends the State Employees' Retirement Act by updating Section 31, which outlines the options available to members and deferred members eligible for retirement. Key changes include the clarification of terms such as "retirement allowance beneficiary" and the requirement for certain elections to be signed by a spouse if the member is married at the time of retirement. The bill also specifies that if a retirement allowance beneficiary predeceases the retirant, the retirant's benefit will revert to a regular retirement allowance, and it introduces provisions for handling retirement allowances in the context of trusts established under specific federal laws.

Additionally, the bill modifies the language throughout the section to ensure consistency and clarity, such as changing "shall" to "must" in various contexts to emphasize the mandatory nature of certain provisions. It also includes new provisions regarding the payment of retirement allowances to trusts for beneficiaries who are minors or incapacitated. Overall, the amendments aim to enhance the clarity and functionality of the retirement options available to state employees while ensuring that the rights of beneficiaries are adequately protected.

Statutes affected:
House Introduced Bill: 38.31