This fiscal note contains 3 pages. As such, an actuarial cost statement is not required. Officials with the Office of Administration note that the fiscal impact of the proposal should be determined by the Public School Retirement System.
Oversight assumes minimal or no impact to the system as a result of the proposal.
No direct fiscal impact to small businesses would be expected as a result of this proposal. Upon the divorce of the member and beneficiary spouse, the member's retirement allowance will increase to the amount that the member would have received if that member choose a plan as an individual, rather than as a married person. Currently, the member would only be able to name a subsequent spouse as a beneficiary and only if the divorce decree provided for sole retention of the retirement plan by the member. This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.