HB656 - Teachers Retirement System; survivor’s benefits; provisions
HB656 - Teachers Retirement System; survivor’s benefits; provisions
Sponsored by: Williams,Earnest 89th
A BILL to be entitled an Act to amend Code Section 47-3-121, relating to optional retirement allowances under the Teachers Retirement System of Georgia, election of such options, and revocation of election, so as to provide that a member who upon retirement elects survivor’s benefits for a spouse and another may, in the event of divorce, revoke such election as to the spouse; to provide that the member may elect to reallocate the spouse’s share amount among the other beneficiaries or such beneficiaries shall continue to be entitled to the same benefit; to provide for a recalculation of the member’s benefit; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.