Provides relative to the Municipal Police Employees' Retirement System, allows a retiree to change his designated beneficiary from a former spouse to a current spouse (OR SEE ACTUARIAL NOTE)
The introduction of HB 1382 seeks to amend existing statutes that limit a retiree's ability to amend beneficiary designations after retirement. Currently, retirees are generally restricted from making changes to the beneficiary designations unless under very limited circumstances. By allowing retirees to update their beneficiary to a current spouse, this bill could provide important financial protections for families, aligning benefits with marital status more accurately.
House Bill 1382, proposed by Representative Howard, focuses on the Municipal Police Employees' Retirement System (MPERS) and provides a mechanism for retirees to change their designated beneficiaries. Specifically, it allows a retiree who has previously designated a former spouse as their beneficiary to change this designation to their current spouse, provided they have been married for at least eight years. This bill proposes that such a change can be made under specific conditions and must be filed by December 31, 2010.
Overall, the sentiment surrounding HB 1382 appears to be supportive as it addresses personal and family needs regarding retirement benefits. Supporters likely see it as an important reform that correctly reflects the changing marital status of individuals and ensures current spouses are not left without financial support after the retiree's death. However, there may also be concerns about the potential for abuse or complications in cases of multiple marriages.
While the bill seems to have broad support, there could be points of contention regarding how strictly the criteria for changing beneficiaries are enforced. The requirement that the retiree has been married to the current spouse for at least eight years may be seen as unnecessarily restrictive by some advocates for spousal rights. Additionally, there might be discussions regarding the implications this bill could have on the overall pension system and its sustainability.