Second Regular Session S.B. 1004
SMITH FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1004
(Reference to printed bill)
Page 1, line 18, after the period, insert "Payment of accrued benefit;"
Between lines 18 and 19, insert:
"a. a member who is not married at the time of retirement shall receive a monthly life annuity, unless the member elects an optional form of benefit Pursuant to subsection c of this section. a member who is married at the time of retirement shall receive a monthly benefit in the form of a joint and survivor annuity Pursuant to subsection c, paragraph 1 of this section and the member's spouse shall be the contingent annuitant unless the member elects a life annuity or another optional form of benefit Pursuant to subsection c of this section and the member's spouse waives the requirement to choose the joint and survivor annuity with the spouse as the contingent annuitant and consents to the member's election pursuant to section 38‑775. if the married member does not make an election as to the type of joint and survivor annuity for the member's spouse, the spouse's contingent amount is one-half of the retirement income."
Reletter to conform
Page 3, line 5, after "Spousal" insert "waiver and"
Line 6, after "MEMBER'S" insert "enrollment form, application for refund form,"; after "application" insert ", change of beneficiary form or change of contingent annuitant or period certain form"
Line 8, after "to"
insert "or
waives"; after "elected"
insert "or beneficiary designation
made"
Strike lines 17 and 18, insert:
"b. tHIS
SECTION DOES NOT ABROGATE ANY COMMUNITY PROPERTY LAWS OF THIS STATE.
c. pAYMENTS
OR DISTRIBUTIONS MADE BY asrs IN GOOD
FAITH RELIANCE ON THE CONSENT OR WAIVER OF A MEMBER'S SPOUSE OR THE AFFIRMATIONS
OF A MEMBER CONTAINED IN DOCUMENTS SUBMITTED TO asrs PURSUANT TO THIS SECTION
CONSTITUTE A FULL AND COMPLETE DISCHARGE AND RELEASE OF ALL LIABILITY OF THE
BOARD OR asrs, OR BOTH, RESPECTING THESE PAYMENTS OR DISTRIBUTIONS."
Page 3, line 22, after "who" insert "retire or"
Line 23, strike "August 1, 2002" insert "July 1, 2003"
After line 23, insert:
"Sec. 5. Appropriation;
purpose
The sum of $125,558 is appropriated from the Arizona state retirement system administration account in fiscal year 2002-2003 to the Arizona state retirement system for the administrative implementation of this act including 1.5 FTEs and employee related expenditures."
Amend title to conform