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PERS bill would standardize IAP death payouts, raise small monthly-death threshold
Summary
Senate Bill 852 would change post-retirement death benefit rules in the Individual Account Program (IAP), restrict beneficiary installment payments to lump sums, raise a minimum monthly payment threshold from $30 to $200 for certain additional death benefits and clarify the 'pop-up' option language to align with federal law.
Senate Bill 852, offered by PERS staff, would make several technical changes to post-retirement death-benefit rules administered by the Public Employees Retirement System.
Heather Case, senior policy advisor at PERS, told the committee the bill would restrict IAP post-retirement death benefit distributions to lump sums only. PERS staff said installment payments are rare (on average about one per year of roughly 400 annual IAP post-retirement death benefit distributions)…
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