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House Bill 1546


House Bill 1546

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB 1546 (Updated April 29, 2009 5:05 pm - DI 102)


PERF and TRF administrative matters; PERF 13th check. Allows a vested member of teachers' retirement fund (TRF) who terminates covered employment to elect to withdraw the entire amount in the member's annuity savings account before the member is eligible to do so at retirement and receive a pension at retirement. Requires the public employees' retirement fund (PERF) and TRF to adopt a policy to require direct deposit or another approved method as the preferred way for a member or beneficiary to receive benefits. Allows the PERF or TRF board (or a board designee) to waive the direct deposit requirement in certain circumstances. Requires that payment of an estimated retirement benefit be at least 85% of the actual benefit. (Currently, the payment must be 85% of the actual benefit.) Allows the annual payment of a PERF or TRF monthly retirement benefit that does not exceed $5. Provides that a PERF or TRF member's application for retirement benefits is void, if, on or before the date the member files the application, the member has an agreement with a covered employer to become reemployed in a covered position. Eliminates the treasurer of state as the treasurer of PERF and reassigns the treasurer's duties to the PERF board and executive director. Provides that liability for a PERF member's unfunded service credit is charged against the employer's account. Specifies the date a TRF member returns to active teaching service or teacher education for purpose of earning military service credit. Repeals provisions concerning the treasurer of state's role as PERF treasurer. Provides for a thirteenth check for members, survivors, and beneficiaries of PERF.
Current Status:
 Law Enacted
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