SB2764 Summary

• Requires the Employees' Retirement System to commence benefit payments to members by their required beginning date (April 1 following the year they turn 70½ or terminate service, whichever is later), even without an application.

• Implements automatic benefit elections if members fail to elect an option by their required beginning date: unmarried members receive maximum allowance; married members receive option 3 with spouse as beneficiary (spouse presumed 40 years younger if age unknown).

• Forfeits unclaimed member contributions and benefits to the system (rather than allowing escheat under state law) if the system cannot locate members by April 1 of the year following their required beginning date; allows restoration if proper application is made without interest or earnings.

• Applies forfeiture provisions to former employees' accumulated contributions and to benefit payments already in distribution, with restoration available upon application in satisfactory form to the system.

• Effective date: January 1, 2050.