HEA 1050 Summary

• Clarifies that a parent is "wholly dependent" on a deceased fund member if the member claimed the parent as a dependent on their federal income tax return in the year before death, for purposes of survivor benefits under sections 13.8, 13.9, and 14.1.

• Establishes new beneficiary designation provisions allowing fund members to designate one or more beneficiaries to receive their contributions plus interest as a lump sum if they die without receiving retirement or disability benefits and have no eligible survivors.

• Permits PERF board to allow members designating multiple beneficiaries to allocate contributions and interest in percentage increments.

• Requires PERF board to refund contributions plus interest to a member's estate if no beneficiary is designated and no eligible survivors exist.

• Makes all provisions effective retroactively to July 1, 2009, and declares an emergency for the act.