New JerseyRetired teachers and public employees could name replacement beneficiaries
Retired teachers and public employees could name a new beneficiary if their current beneficiary dies first, after the pension system recalculates benefits and its actuary certifies the result.
What it does
Retired teachers and public employees could name a new beneficiary if their named beneficiary dies first. The division would recalculate benefits to keep their calculated value equivalent to the value under the old designation.
Argument forRetirees could name someone new to receive survivor benefits if their beneficiary dies first, giving them another chance to provide for a loved one.
Argument againstA new beneficiary could receive a different payment amount because the division recalculates benefits using the retiree’s and beneficiary’s ages and other factors.
More detail
A retiree may name a new beneficiary by sending a form to the Division of Pensions and Benefits. This applies to retired members of the Teachers’ Pension and Annuity Fund and the Public Employees’ Retirement System, under any retirement option. The division may require supporting documents. The system actuary must certify that the recalculated benefits have the same calculated value as before and will not increase the pension system’s unfunded liability. The beneficiary must die after the retiree’s retirement date and before the retiree. The bill would take effect 90 days after enactment.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 10Introduced, Referred to Assembly State and Local Government CommitteeIntroduced
Government & Ethics