DE HB137

Adds new survivor pension options allowing employees to reduce their pension by 2%, 3%, or 6% to provide survivor benefits equal to 2/3, 75%, or 100% of the reduced pension amount respectively.

Modifies survivor pension calculations for multiple pension plans (State Employees, County/Municipal Employees, Police/Firefighters, Judiciary, and State Police) to reference the new reduced pension election options.

Establishes that survivor pensions upon a retiree's death equal the greater of 50% of the pension or the elected survivor benefit percentage based on the reduction option chosen.

Requires pension reduction elections to be made in Board-approved form prior to issuance of the employee's first benefit check and specifies these elections are irrevocable.

Effective date is January 1, 2015 for all employees retiring on or after that date.