AR SB126

Eliminates the requirement that annuity elections be made before the first payment due date, allowing members to elect options at any time before that date.

Simplifies postretirement marriage provisions by reducing the required marriage duration from one (1) year to six (6) months immediately preceding retirement for members to elect spousal survivor benefits (Options B50 or B75).

Changes the election period for postretirement marriage spousal benefit elections from 18 months to a 6-month to 1-year window after the marriage date.

Clarifies that dependent children aged 40 or older must be claimed as dependents on the retirant's federal tax return and specifies conditions for canceling beneficiary designations upon death or divorce.

Establishes that survivor benefits under § 24-4-608 are effective the first day of the calendar month following the month the member died, and beneficiary benefits under § 24-4-606 are effective the first day of the calendar month following the month the retirant died.

Declares an emergency effective date of July 1, 2023, to align with the fiscal year and allow proper administration of the revised procedures.