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Current as of January 02, 2024 | Updated by Findlaw Staff
(a) A retired member who has not selected an optional retirement allowance under § 8-36-601(b) may change the retiree's designated beneficiary at any time; provided, that the change is in writing, duly executed and filed with the retirement system.
(b) The election of a designated beneficiary under an optional retirement allowance as provided in § 8-36-601(b) must not be canceled or changed by the retiree after the retiree's effective date of retirement except as provided in subsections (c)-(f).
(c) After a retired member's effective date of retirement or such later time as may be provided in rules adopted by the board of trustees, the retiree may cancel the retiree's designated beneficiary because of the death of the beneficiary or the retiree's divorce from the designated beneficiary, upon the written request of the retiree. If the retiree designated multiple beneficiaries, then the portion of the benefit payment that was payable to the cancelled beneficiary must not be distributed or redistributed to the remaining beneficiaries. The retiree shall provide the retirement system with the completed and signed written cancellation request accompanied by either of the following, whichever is applicable:
(1) A copy of the marital dissolution agreement and final decree of divorce or annulment to confirm that the cancellation is not in conflict with the marital dissolution agreement or decree. If the requested cancellation conflicts with the marital dissolution or decree, then the cancellation request must not be honored; or
(2) A copy of the designated beneficiary's death certificate.
(d) If a retired member cancels the retiree's designated beneficiary pursuant to subsection (c), then the retiree may:
(1) Designate a new beneficiary; provided, however, that upon the retiree's death, the newly designated beneficiary is only entitled to the remaining accumulated contributions in the retiree's account, if any, and to the last retirement allowance payable in the month of the retiree's death. The retirement allowance payable to the retired member after the cancellation of the designated beneficiary pursuant to this section is not affected by the cancellation of the beneficiary designation; or
(2) If the retiree selected only one (1) individual as the retiree's beneficiary, designate the retiree's spouse as the member's sole, new designated beneficiary, resulting in a reannuitization of the member's benefit.
(e) If the retiree elects to reannuitize pursuant to subdivision (d)(2), then the retiree shall submit an application to reannuitize to the retirement system after the retired member's marriage to the proposed new beneficiary, and provide the retirement system with the marriage certificate demonstrating the marriage between the retiree and the proposed new beneficiary.
(f) Upon receiving a completed application, the retirement system shall process the reannuitization of the retiree's retirement benefit pursuant to the option selected by the retiree on the retiree's effective date of retirement. The value of the new joint and survivor annuity must be the actuarial equivalent of the retiree's benefit prospectively, in effect at the time the new annuity is elected. The benefit must be reduced based on the ages of the retiree and the new beneficiary at the time of the change. The change in beneficiary must become effective in the month following the month that the retirement system approves the change in beneficiary.
Cite this article: FindLaw.com - Tennessee Code Title 8. Public Officers and Employees § 8-36-606 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-8-public-officers-and-employees/tn-code-sect-8-36-606/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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