Current law provides that if total retirement payments to the member prior to death plus subsequent payments to the member's beneficiary prior to the beneficiary's death are less than the member's contributions, then the difference shall be paid to the member's estate. The act provides that such difference shall be paid to the estate of the beneficiary or the estate of another person designated by the member at or after retirement. Current law provides that if a member dies before receiving an allowance and the beneficiary dies before receiving an amount equal to the contributions of the member under Option 2, then the difference shall be paid to the estate of the member. The act provides that such difference shall be paid to the estate of the beneficiary. Persons eligible to purchase service credit under subsection 1 of section 169.055, also known as the out of state service purchase provision, may elect to purchase such credit prior to July 1, 1998.
Current law provides for payment of an allowance in the month in which a retired member dies.
The act provides that such allowance shall be paid in the month a retired member, beneficiary or survivor dies. The act provides that such allowance shall be paid in the month a retired member or beneficiary dies. The act eliminates certain deadlines regarding the election to purchase credit for service to a junior college, providing that such election may be made at any time prior to retirement. The act allows retired NTRS members to be employed on a part-time basis by a school district and still receive benefits. Currently, retired NTRS members may only be employed on a temporary or substitute basis and still receive benefits.