Requires spousal consent to election of certain pension payout options under TPAF, JRS, and PERS.

This bill requires spousal written consent before certain public employees in New Jersey can choose retirement payout options that provide no benefits to their spouse or less than half the benefit to the spouse for life. It applies to members of the Teachers’ Pension Fund (TPAF), Judicial Retirement System (JRS), and Public Employees’ Retirement System (PERS). Before electing such a benefit, the member must sign a form acknowledging the payout terms, and the spouse must sign consent forms witnessed by a pension representative or notary. The pension office must also notify the spouse via certified mail about the election choice. Exceptions exist if a spouse cannot be located or no spouse exists.