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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2010
SENATE BILL NO. 97
BY SENATOR MORRISH
TEACHERS RETIREMENT. Provides for a change in beneficiary under certain
circumstances. (7/1/10)
AN ACT1
To enact R.S. 11:783(D)(1)(c), relative to the Teachers' Retirement System of Louisiana; to2
provide for a change in beneficiary under certain circumstances; to provide for an3
effective date; and to provide for related matters.4
Notice of intention to introduce this Act has been published.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 11:783(D)(1)(c) is hereby enacted to read as follows: 7
ยง783. Selection of option for method of payment after death of member8
* * *9
D.(1) * * *10
(c) Notwithstanding the provisions of Subparagraphs (a) and (b) of this11
Paragraph, a retiree may choose not to revoke the elected option but instead to12
designate his current spouse as beneficiary for the actuarially equivalent13
reduced retirement allowance option previously elected pursuant to Paragraph14
(A)(2) of this Section if all of the following are satisfied:15
(i) The retiree selected Option 2, 2A, 3, 3A, 4, or 4A pursuant to16
Subsection A of this Section.17 SB NO. 97
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(ii) The retiree designated as his beneficiary the person who was the1
retiree's spouse at the time he elected his retirement option.2
(iii) A judgment of divorce has been rendered with respect to the retiree3
and the designated beneficiary.4
(iv) The retiree has been married to the current spouse for at least ten5
years.6
(v) The retiree files with the system a change of beneficiary designation7
authorized pursuant to this Subparagraph on or before August 2, 2010.8
* * *9
Section 2. This Act shall become effective on July 1, 2010; if vetoed by the governor10
and subsequently approved by the legislature, this Act shall become effective on July 1,11
2010, or on the day following such approval by the legislature, whichever is later.12
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Lauren B. Bailey.
DIGEST
Morrish (SB 97)
Present law (R.S. 11:783) provides that a member of the Teachers' Retirement System of
Louisiana (TRSL) may receive his retirement benefit as an allowance payable throughout
his life (the "maximum benefit") or may elect to receive the actuarial equivalent of the
maximum in the form of a reduced retirement allowance payable throughout his life plus a
lifetime allowance payable to his designated beneficiary after the retiree's death.
Present law (R.S. 11:783(A)(2)) provides for the options of payment of a retirement benefit
after death of a member of the TRSL. Present law provides generally that the option and
beneficiary selected by the member at the time of retirement are irrevocable.
Present law (R.S. 11:783(D)) provides that under certain circumstances, if the retiree's
spouse was designated as the beneficiary, and a judgement of divorce is rendered with
respect to the retiree and the spouse, and the spouse irrevocably, by court order, relinquishes
the spouse's survivorship rights under the option originally selected by the retiree, the
originally selected option shall be considered revoked.
Proposed law retains present law and adds that, rather than revoking the option selected, a
retiree may change the designation of beneficiary to his current spouse if after his retirement
he marries another and has been married to such person for at least 10 years.
Proposed law provides that such a retiree shall file a change of beneficiary designation with
the system on or before August 2, 2010.
Effective July 1, 2010.
(Adds R.S. 11:783(D)(1)(c))