Teachers' retirement.

The Teachers' Retirement Law establishes certain retirement benefits and procedures for the administration of those benefits to retired public schoolteachers and other persons formerly employed in connection with the schools, as specified. Existing law requires that certain documents relating to benefits under that retirement system be signed, as specified. This bill would require that, for an application or document requiring a signature, that signature be in a form prescribed by the retirement system, including on paper or made by electronic means. Existing law authorizes a retired member, disabled member, or beneficiary to specify that monthly benefit payments be disbursed by direct deposit, direct mail to a financial or other institution, or by mailing to a payment address provided by the retired member, disabled member, or beneficiary. Existing law requires a member or beneficiary to whom a lump-sum payment or benefit is to be disbursed to specify the mailing address for the payment. This bill would apply the above provisions relating to the method of receiving benefit payments and the mailing address for lump-sum payments to a member, nonmember spouse, or beneficiary. The bill would provide that a member, nonmember spouse, or beneficiary to whom a lump-sum payment or benefit is to be disbursed, and who is receiving payment for an ongoing benefit by electronic funds transfer, may have the lump-sum payment disbursed by electronic funds transfer to the financial institution on file for payment of the ongoing benefit. The bill would require the retirement system to make available an electronic copy of the benefit payment information to any member, nonmember spouse, or beneficiary who receives a monthly benefit payment. The bill would also require the retirement system to send a copy of the benefit payment information to any member, nonmember spouse, or beneficiary when there is an adjustment in the allowance, or a change in any amount deducted from the allowance. Existing law requires the Teachers' Retirement Board to send a copy of the benefit payment information to any retired member, disabled member, or beneficiary who has payments transmitted by direct deposit or by mail to a financial institution, unless the board has received a written request from that person not to send a copy of the information. This bill would delete the provision that requires the Teachers' Retirement Board to send a copy of the benefit payment information to any retired member, disabled member, or beneficiary who has payments transmitted by direct deposit or by mail to a financial institution. The bill would instead require the board to notify the member, nonmember spouse, or beneficiary that he or she has the right to request that a copy of the benefit payment information be mailed. The bill would require the board to send a copy of the benefit payment information if the system has received a written request from that person.