SB 1458 would allow a retiree who selected an optional service retirement or optional disability retirement to change post-retirement benefit payment options to a standard service or disability retirement annuity under certain circumstances. The bill would also amend the definition of dependent with respect to an individual eligible to participate in insurance programs offered by the Teacher Retirement System in order to conform with requirements of the federal Affordable Care Act.

According to the Teacher Retirement System, these changes would have no actuarial impact, because SB 1458 does not adjust the plan's benefit structure, funding, or obligations.

The bill, if enacted, will not have an actuarial effect on the Teacher Retirement System because it does not propose to change their benefit structure, funding or obligations.