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House Bill 1573


 

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House Bill 1573

ARCHIVE (2003)

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DIGEST OF HB 1573 (Updated April 24, 2003 8:15 PM - DI 44)

PERF and TRF benefits. Provides for a cost of living adjustment for members of the public employees' retirement fund (PERF) (or their survivors or beneficiaries) for 2004. Provides for a minimum pension portion of the monthly benefit for a retired member of PERF with at least 10 years of creditable service, excluding members whose only creditable service was as an elected official. Provides that a surviving spouse or dependent entitled to a statutory benefit may be designated as a beneficiary for the annuity savings account of a member of PERF or the teachers' retirement fund (TRF). Permits a PERF or TRF member who is receiving a retirement benefit to change the member's payment option and beneficiary in certain circumstances. Eliminates the requirement that the last retirement benefit paid by TRF be prorated to terminate at the member's death.
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 Law Enacted
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