Beneficiary of the State Teachers Retirement System can switch to maximum life annuity if spouse dies within first five years of retirement.
The bill allows a beneficiary of the State Teachers Retirement System to convert to the maximum life annuity if the spouse dies within the first five years of the beneficiary’s retirement. This conversion is limited to one change and the recalculated monthly benefits cannot exceed those of the maximum life annuity plan at the time of retirement. The value of the new survivorship annuity is the actuarial equivalent of the beneficiary's benefit at the time the new annuity is elected.
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