Requires spousal consent for certain pension payout options in TPAF, JRS, and PERS.

This bill mandates that members of the Teachers’ Pension and Annuity Fund (TPAF), the Judicial Retirement System (JRS), and the Public Employees’ Retirement System (PERS) obtain written spousal consent before electing certain pension payout options. Specifically, it requires spousal consent for retirement benefits that are payable only during the member's life and terminate at death, without payment to the spouse, or any option providing a benefit to the spouse that is less than half of the member’s retirement allowance.

Requires spousal consent for certain pension payout options in TPAF, JRS, and PERS.

This bill mandates that members of the Teachers’ Pension and Annuity Fund (TPAF), the Judicial Retirement System (JRS), and the Public Employees’ Retirement System (PERS) obtain written spousal consent before electing certain pension payout options. Specifically, it requires spousal consent for retirement benefits that are payable only during the member's life and terminate at death, without payment to the spouse, or any option providing a benefit to the spouse that is less than half of the member’s retirement allowance.