MI SB1135

Allows retirants to change retirement allowance beneficiary designations if the first beneficiary predeceases them and they remarry, or if their marriage becomes recognized by the state after retirement.

Permits retirants who were unmarried at retirement to elect optional retirement payment forms (Options A or B) and designate a spouse as beneficiary if they marry after retirement, with changes allowed 180 days to 1 year after marriage.

Requires the actuarial equivalent interest rate for calculating optional retirement allowances to be determined by the director and retirement board in consultation with the actuary using recommended mortality tables, rather than a fixed 8% rate with 1983 tables.

Requires the retirement system to provide written explanations of optional payment forms to members before retirement and allows surviving spouses who were designated beneficiaries to elect alternative survivor benefits under section 508.

Makes technical corrections to statutory language by replacing terms like "shall" with "must," "upon" with "on," and "in lieu" with "instead" throughout sections 506 and 604.