Allows the local Boards to pay from the Fund's assets all costs incurred by the retirement system and the cost of actual expenses incurred by Board members in the performance of their duties. Limits the updated service credit optional percentages. Currently, member cities may increase member benefits by adopting Updated Service Credits. Updated Service Credit improves retirement benefits by recalculating a member's average monthly salary over a recent three-year period. Extends annuity payment to include the month in which death occurs.
Current law ends annuity payments in the month immediately preceding the month that death occurs.
Allows the system to recompute the annuity payable to a retiree in accordance with divorce decree or qualified domestic relations order. Increases the benefit payable to a retiree to increase to the amount that would have been payable as though the retiree had selected an annuity payable only during the retiree's lifetime. Provides additional benefit options for survivors of deceased vested employees.