Text to be removed highlighted in red.
101:1 Retirement System; Optional Allowances; Retiree Subsequent Remarriage. Amend RSA 100-A:13, II(a)(2) to read as follows:
(2) Due to the death of a former spouse and Following the retiree's subsequent remarriage, elect to nominate the current spouse as beneficiary under one of the options named in paragraph III, due to either the death of a former spouse, the termination of an elected option under subparagraph (1), or the termination of an elected option by a former spouse under subparagraph II(b). The notice of election shall be on a form designated by the board. The optional allowance shall be effective the first of the month following receipt of the notice. If a retiree dies after filing such notice but before the effective date, the change shall be effective as of the date of death. The optional allowance shall be of equivalent actuarial value. Any supplemental allowances, or COLAs, granted to the retiree before the effective date of the election shall terminate on such effective date, but the value of such COLA's shall be included in the actuarial determination of the amount of the allowance payable under the elected option.
101:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 25, 2018
Effective Date: July 24, 2018
Text to be added highlighted in green.
101:1 Retirement System; Optional Allowances; Retiree Subsequent Remarriage. Amend RSA 100-A:13, II(a)(2) to read as follows:
(2) Following the retiree's subsequent remarriage, elect to nominate the current spouse as beneficiary under one of the options named in paragraph III, due to either the death of a former spouse, the termination of an elected option under subparagraph (1), or the termination of an elected option by a former spouse under subparagraph II(b). The notice of election shall be on a form designated by the board. The optional allowance shall be effective the first of the month following receipt of the notice. If a retiree dies after filing such notice but before the effective date, the change shall be effective as of the date of death. The optional allowance shall be of equivalent actuarial value. Any supplemental allowances, or COLAs, granted to the retiree before the effective date of the election shall terminate on such effective date, but the value of such COLA's shall be included in the actuarial determination of the amount of the allowance payable under the elected option.
101:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 25, 2018
Effective Date: July 24, 2018