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 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 recalculating the benefits payable to the member and the new beneficiary, ensuring that the changes do not increase the unfunded liability of the retirement system. The system actuary is required to certify the equivalence of the actuarial value of the benefits. This change aims to provide greater flexibility and security for retirees in managing their benefits after the death of a designated beneficiary.

Statutes affected:
Introduced: 43:15A-50