Allows the estate or beneficiary of a member retired under any annuity option to receive at least the remaining amount of the members ASRS contributions plus interest at the time of the member's death. Currently this benefit is extended only to those retired under life annuity or period certain retirement options. For retired members who resume active membership and subsequently retire, specifies that the limitation on maximum retirement benefits applies to the recomputed benefit amount. The changes disallow retroactive payments for the first half of the fiscal year and expand the pool of excess investment earnings available for COLA to those earnings associated with all retirees and beneficiaries in lieu of those retirees and beneficiaries eligible to receive increases. The impact on the contribution rate is minimal.
COLA changes retroactivity date.
Makes technical and conforming changes. Contains a general effective date. Amendments Adopted by Committee 1. Phases in the in-house investment increase. Makes technical changes.