H274 - Retirement Technical Corrections Act of 2015 (SL 2015-67)

Overview: S.L. 2015-67 amends laws for the Teachers and State Employees Retirement System (TSERS), Local Governmental Employees Retirement System (LGERS), Disability Income Plan (DIP), Qualified Excess Benefit Arrangement (QEBA) plans, and to the law pertaining to funds from a settlement or other final order or judgment of the court received by the Escheat Fund and benefit plans administered by the Department of State Treasurer. The following is a brief overview of the changes:

• Amends the TSERS definition of "employee."
• Clarifies the effective date of the Social Security reduction when receiving long-term disability benefits under the DIP.
• Changes "fiscal year" to "calendar year" for TSERS and LGERS as it relates to treatment of unused assets of the QEBA plan.
• Repeals the authority of the LGERS Board of Trustees to invest in certain common and preferred stocks.
• Amends the law on the disposition of funds received by the State or a State agency from a settlement or other final order or judgment of the court as it relates to funds received by the Escheat Fund and benefit plans administered by the Department of State Treasurer.
• Consistent with the Uniformed Services Employment and Reemployment Rights Act (USERRA), it changes "honorably discharged" to "who were not dishonorably discharged" in the TSERS definition of creditable service and adds language relating to a member who returns from service in the uniformed services.

This act became effective July 1, 2015.