Senate Bill 1112
OPERS 60-Day Notice to Retire Waiver Procedure
This amends the statute that deals with the 60-day notice required to retire from OPERS. The former law permitted the Board of Trustees to waive the notice at its discretion. The amendment will permit the Executive Director of OPERS to grant waivers of the 60-day notice “for good cause shown” as defined by the Board. The Board can still review denials of waiver requests.
Medicare Gap Benefit Change
This amends the Medicare Gap benefit statute. Under the former law, most OPERS members can select this benefit which gives them a slightly higher retirement benefit until they reach Medicare age. The member then sees an actuarially reduced benefit for the rest of his or her life to pay for the higher benefit. Under the former law, the reduction in benefits after age 65 takes place "in January of the year following the member's 65th birthday." The amendment starts the reduction in the "month following" the 65th birthday. The change in law will have no application to those who retired prior to the effective date of SB 1112.