Texas § GV.820.0536 - CHANGE IN OPTIONAL CASH BALANCE ANNUITY SELECTION

§ GV.820.0536. CHANGE IN OPTIONAL CASH BALANCE ANNUITY SELECTION

CHANGE IN OPTIONAL CASH BALANCE ANNUITY SELECTION. (a) A person who retired and selected an optional cash balance annuity described by Section 820.0535 (c)(1), (c)(2), or (c)(5) may change the optional annuity to a standard cash balance annuity only if: (1) pursuant to a divorce decree, a court orders the change in the annuity to a standard cash balance annuity; or (2) the retiree files with the retirement system a request to change the annuity and, in connection with a divorce between the retiree and the beneficiary designated by the retiree under Section 820.0535 (b), the beneficiary has executed a written, notarized instrument that: (A) releases the system from any claim to the annuity by the beneficiary; and (B) transfers all of the beneficiary's interest in the annuity to the retiree. (b) If a retiree files a request as provided by Subsection (a), the retirement system shall recompute the annuity as a standard cash balance annuity. The increase in the annuity under this section begins with the monthly payment made to the retiree for the month following the month in which a request is filed as provided by Subsection (a). Added by Acts 2023, 88th Leg., R.S., Ch. 78 (S.B. 729 ), Sec. 7, eff. May 19, 2023.