H183 - Retirement Admin. Changes Act of 2017. (SL 2017-129)

Overview: S.L.2017-129 makes the following changes: addresses the recoupment of overpaid benefits or erroneous payments; amends retirement laws to reflect system funding policies and incorporate trust language from the Governmental Accounting Standards Board (GASB); permits electronic beneficiary designation; clarifies that TSERS is a multi-employer plan under GASB; creates a Legislative Enactment Implementation Arrangement (LEIA) to pay costs of legislative benefit changes; clarifies that unpaid State checks are confidential; allows public employers to make additional contributions to employee deferred compensation accounts; requires the overdrawn check fee be paid with non-State funds; standardizes the reporting of sick leave; and makes various technical changes. Statutes for the following systems and funds are amended by this act: Firefighters' and Rescue Squad Workers' Pension Fund, Teachers' and State Employees' Retirement System (TSERS), Local Governmental Employees' Retirement System (LGERS), Consolidated Judicial Retirement System (CJRS), Legislative Retirement System, Disability Income Plan, investment fund, Achieving a Better Life Experience (ABLE) Program Trust.

The effective dates for this act vary by section, please refer to the full analysis for the effective date of each section.