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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | July 14, 2022 12:58 PM |
|---|---|
| From: | Representative Stephen Kinsey |
| To: | All House members |
| Subject: | Clarifying Pension Beneficiaries |
| State employees, educators, and municipal workers can designate beneficiaries for their pensions under the SERS, PSERS, and PMRS retirement systems. While many individuals choose their spouse, children, or other family members as their beneficiaries, some may wish to designate a nonprofit organization. Current statutory definitions do not make it absolutely clear that pension beneficiaries include nonprofits. To clarify this uncertainty, I plan to introduce two pieces of legislation to amend our public pension laws concerning beneficiaries to further define “person” as including associations, foundations, and corporations. This will eliminate any confusion when choosing beneficiaries and make it evident that employees can designate a nonprofit to receive their pension. Far too often, statutes provide more confusion than clarity. These commonsense bills do just the opposite and make it clear that nonprofits can be pension beneficiaries. Please join me in co-sponsoring this legislation. Your consideration is greatly appreciated. DOCUMENT 1: This legislation clarifies that a nonprofit organization may be designated as a pension beneficiary for state and public-school employees. DOCUMENT 2: This legislation clarifies that a nonprofit organization may be designated as a pension beneficiary for municipal employees. |