HB 1709 - This act provides that if a member of the Public School Retirement System nominates a successor beneficiary, he or she must do so within one year of remarriage. This act also allows retired members of the Public School or Public Education Employees Retirement Systems who have elected a reduced retirement allowance to provide for survivor benefits for his or her spouse to have the retirement allowance increased to the single life annuity amount, with no survivor benefits, if the member and his or her spouse become divorced on or after September 1, 2016, only if the dissolution decree provides for sole retention by the retired person of all rights in the retirement allowance.
Any such increase in the retirement allowance will be effective upon the receipt of an application for the increase and a certified copy of the decree of dissolution that meets the requirements.
This act is substantially similar to HB 1086 (2015) and to provisions contained in CCS#2/HCS/SCS/SB 172 (2015), CCS/HCS/SCS/SB 270 (2015).
JOSHUA NORBERG