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Senate Bill 0370


Senate Bill 0370

ARCHIVE (2009)

Latest Information

 

DIGEST OF SB370 (Updated February 24, 2009 3:00 pm - DI 84)


PERF/TRF administrative matters. Allows a vested member of the teachers' retirement fund (TRF) who terminates covered employment to elect to withdraw the entire amount in the member's annuity savings account (ASA) before the member is eligible to do so at retirement and receive a pension at retirement. Requires TRF and the public employees' retirement fund (PERF) to adopt a policy to require direct deposit or another approved method as the preferred way for a member or beneficiary to receive benefits, including an alternative payment method for a member or beneficiary who provides satisfactory evidence to the PERF or TRF board that the member or beneficiary is unable to receive monthly benefits by direct deposit or another approved method. 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.) Requires that a PERF member who elects not to purchase an annuity or receive the balance in the member's ASA before retirement must receive the entire amount in the member's ASA at retirement. (Currently, a member can defer receipt of the ASA.) Allows annual payment of a monthly benefit that does not exceed $5. Provides that a PERF member who is reemployed in a covered position after retirement continues to receive retirement benefits while reemployed. Provides that a supplemental benefit based on the member's reemployment is eliminated. Denies a member's application for retirement benefits 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
    Current Status:
     In Committee - 2nd House
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