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SB 394 - Currently, nomination of a successor beneficiary must be filed within ninety days of a remarriage. Under the act, the nomination shall be filed within one year of a remarriage. This act allows retired members of the public school teacher retirement system or public education employees retirement system who elected a reduced retirement allowance to provide for survivor benefits for his or her spouse to have the retirement allowance increased to the single life annuity amount, with no survivor benefits, if the member and his or her spouse become divorced on or after September 1, 2017, if the dissolution decree provides for sole retention by the retired person of all rights in the retirement allowance. Any such increase in the retirement allowance shall be effective upon the receipt of an application for the increase and a certified copy of the decree of dissolution that meets the requirements of the act. This act is identical to HB 1709 (2016) and similar to HB 1086 (2015). JAMIE ANDREWS
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