75R8593 GCH-F By Craddick H.B. No. 475 Substitute the following for H.B. No. 475: By Telford C.S.H.B. No. 475 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the effect of certain types of divorce decrees on 1-3 retirement benefits payable by the Teacher Retirement System of 1-4 Texas. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. Subchapter B, Chapter 824, Government Code, is 1-7 amended by adding Section 824.1012 to read as follows: 1-8 Sec. 824.1012. REVOCATION OF BENEFICIARY DESIGNATION FOR 1-9 CERTAIN RETIREMENT BENEFIT OPTIONS. (a) As an exception to 1-10 Section 824.101(c), a retiree who selected an optional service 1-11 retirement annuity under Section 824.204(c)(1), (c)(2), or (c)(5) 1-12 or an optional disability retirement annuity under Section 1-13 824.308(c)(1), (c)(2), or (c)(5) may revoke the designation of the 1-14 beneficiary to receive the annuity on the death of the retiree, if 1-15 a court in a divorce proceeding involving the retiree and 1-16 beneficiary approves or orders the revocation in the divorce decree 1-17 or acceptance of a property settlement. The revocation takes 1-18 effect when the retirement system receives it. 1-19 (b) A revocation described by Subsection (a) cancels the 1-20 optional annuity selection made by the retiree, effective with the 1-21 beginning of payments of the annuity as recomputed under this 1-22 subsection. The retiree is entitled to receive payments of a 1-23 standard service or disability retirement annuity, as applicable, 1-24 reduced for early retirement, if applicable, beginning with the 2-1 payment for the month after the month in which the retirement 2-2 system receives the notice of revocation and ending on the death of 2-3 the retiree. 2-4 (c) The retirement system by rule may establish requirements 2-5 for forms, documentation, and procedures necessary for the 2-6 administration of this section. 2-7 SECTION 2. The importance of this legislation and the 2-8 crowded condition of the calendars in both houses create an 2-9 emergency and an imperative public necessity that the 2-10 constitutional rule requiring bills to be read on three several 2-11 days in each house be suspended, and this rule is hereby suspended, 2-12 and that this Act take effect and be in force from and after its 2-13 passage, and it is so enacted.