This bill allows retirees from the Teachers Pension and Annuity Fund (TPAF) and the Public Employees Retirement System (PERS) to change their designated beneficiary if that beneficiary dies after the retiree's retirement date. Currently, once a beneficiary is designated under most retirement options, it cannot be changed after retirement. The new provisions will enable retirees to submit a form to the Division of Pensions and Benefits to designate a new beneficiary, ensuring that the actuarial value of the benefits remains equivalent to what was previously designated.

The bill includes specific legal language that outlines the process for changing a beneficiary, including the requirement for the system actuary to certify that the recalculated benefits do not increase the system's unfunded liability. The division will consider various factors, such as the ages of the member and the new beneficiary, when recalculating the benefits. This change aims to provide greater flexibility and security for retirees in managing their survivor benefits.

Statutes affected:
Introduced: 43:15A-50