HB 1264 Summary

• Allows retirement benefits to remain marital property subject to division upon dissolution of marriage, unless the dissolution decree grants sole retention of all rights to the retired person.

• Provides that when a marriage is dissolved and the decree grants sole retention of rights to the retired person, the former spouse becomes ineligible to receive survivor benefits and the member's reduced benefit reverts to a normal annuity effective the first of the month following dissolution.

• Applies provisions to members retiring on or after September 1, 2010, who elected joint and survivor payment options under sections 104.090 and 104.1027.

• Allows affected retired members to be designated as special consultants to the retirement board and receive the increased benefit upon application, with adjustments for early retirement if applicable.

• Requires benefit reversion to include any increases the member would have received since retirement had they elected a normal annuity, and eliminates former spouse eligibility for all survivor benefits.