H423 - Increase Contributory Death Benefit

• Increases the death benefit for retired members of four state retirement systems (teachers' and state employees', local governmental employees', legislative, and consolidated judicial) from $10,000 to $12,000 for deaths occurring on or after July 1, 2015.

• Applies to retired members who elected to make continuous, fully contributory payments to a group death benefit trust fund and have completed at least 24 months of required contributions at the time of death.

• If a retired member dies before completing 24 months of required contributions, beneficiaries receive the sum of the member's contributions plus interest as determined by the Board of Trustees.

• Death benefits are payable to designated beneficiaries, surviving spouses, or legal representatives of deceased retired members, and are separate from accumulated contributions under the retirement system.

• Effective July 1, 2015, applying only to eligible retirees who die on or after that date.