A5376

Permits TPAF and PERS retirees to change named beneficiary upon death of previously named beneficiary.

This bill allows retired members of the Teachers’ Pension and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS) to change their named beneficiary if the designated beneficiary dies before the retiree after the retiree’s retirement date. The retiree must submit a form to the Division of Pensions and Benefits, which will recalculate the allowance or benefits payable to the retiree, a beneficiary, or both such that the actuarial value of the allowance or benefits payable on the date the new designation becomes effective is equivalent to the actuarial value of the allowance.