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Texas Government Code - GOV'T § 820.0536. Change in Optional Cash Balance Annuity Selection

Current as of January 01, 2024 | Updated by Findlaw Staff

(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).

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 820.0536. Change in Optional Cash Balance Annuity Selection - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-820-0536/

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