NJ S234

Requires written spousal consent when members of TPAF, JRS, or PERS elect pension payout options that provide less than one-half of the member's retirement allowance to the spouse for life.

Spousal consent must be in writing, acknowledge the effect of the election, and be witnessed by a Division of Pensions and Benefits representative or notary public.

Once a spouse consents, the beneficiary or option cannot be changed without further spousal consent unless the original consent expressly permits the member to make changes independently.

Consent requirements are waived if there is no spouse, the spouse cannot be located, or other circumstances prescribed by Division regulations.

Takes effect 90 days after enactment and replaces current law that only required certified mail notification to spouses about life-only benefit elections.