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MI SB1133
Bill
AI Summary
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Allows retirants whose first retirement allowance beneficiary spouse predeceases them to name a current spouse as beneficiary if they remarry, with a request filing period of 180 days to 1 year after remarriage.
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Permits retirants in same-sex marriages whose marriage was not recognized at retirement but is now recognized by Michigan to designate their current spouse as a retirement allowance beneficiary within specified timeframes.
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Enables retirants who were unmarried at retirement to select a reduced retirement allowance payment option and name their spouse as beneficiary if they marry after retirement.
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Provides that surviving spouses of deceased retirants may elect health insurance coverage if they pay the premiums themselves, but non-spousal beneficiaries lose health insurance eligibility upon the retirant's death.
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Changes the actuarial interest rate calculation for retirement allowances from a fixed 8% rate to a rate determined by the director of the Department of Technology, Management, and Budget in consultation with the retirement board's actuary.
Legislative Description
Retirement; state employees; naming a second spouse as beneficiary if first spouse predeceases him or her and naming of spouse as beneficiary if marriage occurs or is recognized after retirement allowance effective date; allow, and revise the determination of a beneficiary's actuarial equivalent retirement allowance. Amends secs. 20d, 31 & 49 of 1943 PA 240 (MCL 38.20d et seq.).
Retirement: defined benefit
Last Action
Referred To Committee On Appropriations
10/20/2016