SB 330 Summary

• Allows retired teachers who chose the maximum retirement benefit at retirement to elect Option 2 or 3 and name their spouse as beneficiary if they marry after retirement, with election deadline of July 1, 2011 or within one (1) year of marriage, whichever is later.

• Requires retirees seeking to change benefits due to post-retirement marriage to provide proof of good health through medical examination by a licensed physician approved by the Medical Board and proof of age for the new beneficiary.

• Authorizes the Board of Trustees to actuarially adjust the monthly retirement benefit based on the new designated beneficiary's age and to promulgate rules implementing these provisions.

• Allows a one-time election per each subsequent marriage if the original spouse-beneficiary dies and the retiree remarries again, with the same good health examination and age proof requirements, and requires new beneficiary to be at least 65 years old.

• Effective date is July 1, 2015, with an emergency clause declared for immediate implementation.