The bill amends the Public Employees Retirement Act to enhance clarity and fairness regarding disability and survivor pensions. It establishes a disability review committee composed of retirement board members and at least one licensed physician to evaluate disability retirement applications. Additionally, it allows members to credit personal service rendered to an affiliated public employer prior to August 1, 1947, if they acquire one year of service credit. The bill also outlines the process for reinstating forfeited service credit and specifies the conditions under which disability retirement pensions can be granted and maintained. Furthermore, it exempts the collection of overpayments from the Procurement Code, enabling the association to recover funds due to errors or fraud.

In terms of survivor pensions, the bill introduces new provisions for distributing benefits to eligible surviving children, ensuring equal division among them if no designated beneficiary or spouse exists. It clarifies that the total payable amount will be fifty percent of the deceased member's final average salary if no spouse or designated beneficiary is receiving a pension, or twenty-five percent if such a pension is being paid. The bill also updates the retirement board's authority and membership structure, ensuring effective management of the retirement system. Additionally, it modifies regulations regarding gifts and contributions to retirement board members, setting limits on campaign contributions from individuals or organizations with contracts related to the board. Overall, the bill aims to streamline processes and improve the administration of retirement benefits.

Statutes affected:
introduced version: 10-11-4, 10-11-4.2, 10-11-10.1, 10-11-14.5, 10-11-26.3, 10-11-130, 10-11-130.1, 10-11-135, 10-11A-7