A bill to amend 1980 PA 300, entitled “The public school employees retirement act of 1979,” by amending section 85 (MCL 38.1385), as amended by 2006 PA 617.
A retirant can change their retirement allowance beneficiary under certain conditions, such as the death of a spouse or remarriage, with specific timeframes for filing a request with the retirement system. Additionally, retirees who marry after their retirement allowance effective date can select an optional form of benefit payment and designate a new spouse as beneficiary within specified timeframes, subject to certain conditions. The retirement allowance for such elections must not exceed the actuarial equivalent of what the retirant would otherwise receive and becomes effective the first day of the month after the request is filed. If the retirant dies within 12 months of making such an election, the allowance for the surviving spouse terminates 12 months after the retirant's death.
Co-sponsored by Sens.
Referred to the Committee on Education
