Current through Register Vol. 54, No. 49, December 7, 2024
Section 249.5 - Applications and elections of members(a)General. In the event a member of the Public School Employees' Retirement System, who is receiving an annuity from the System, elects to become a multiple service member, his annuity payments shall be discontinued retroactively to the date he became a member of the Public School Employees' Retirement System and any annuity payments received from this System subsequent to that date shall be restored to the Fund.(b)Time for payments. Pursuant to section 5905(g) of the code (relating to duties of the board regarding applications and elections of members), in the case of the death of an active member or one on leave without pay, the Board will pay the benefits to which those members would be entitled to the designated beneficiary or the legally constituted representative, as the case may be, not more than 60 days after all necessary data is both received from the department and the selection of the benefit is made by such beneficiary or legally constituted representative.(c)Group hospitalization annuitant plan. A member or vestee entering upon retirement, who has had hospitalization and medical insurance coverage through the State Employee Program while an active employee, may elect to convert, at the time of retirement, the membership into such State annuitant group plan and pay the monthly charges applicable thereto. Election of the coverage shall not be available subsequent to the time of retirement. Under the criteria that the Executive Board may establish with respect to contributions made to a State annuitant plan, the Board will apply to each member thereof such sums to defray the costs, which the Executive Board may determine.