Concerning the purchase of an optional life annuity benefit for certain public retirement system members.
Summary
Provides members of the Public Employees', Public Safety Employees', and the School Employees' Retirement Systems Plans 2 or 3 the opportunity to purchase an annuity from their respective retirement plan at the time of retirement.
Permits purchases on an actuarial basis, and requires them to be made with funds from a tax-qualified governmental employer retirement plan.
Requires a minimum purchase cost of $5,000.
From the House Bill Report (SB 5350), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to an optional life annuity benefit for members of the public employees' retirement system, school employees' retirement system, and public safety employees' retirement system;