1-1 By: Craddick (Senate Sponsor - Bivins) H.B. No. 475 1-2 (In the Senate - Received from the House April 3, 1997; 1-3 April 10, 1997, read first time and referred to Committee on State 1-4 Affairs; May 6, 1997, reported favorably by the following vote: 1-5 Yeas 13, Nays 0; May 6, 1997, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to the effect of certain types of divorce decrees on 1-9 retirement benefits payable by the Teacher Retirement System of 1-10 Texas. 1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-12 SECTION 1. Subchapter B, Chapter 824, Government Code, is 1-13 amended by adding Section 824.1012 to read as follows: 1-14 Sec. 824.1012. REVOCATION OF BENEFICIARY DESIGNATION FOR 1-15 CERTAIN RETIREMENT BENEFIT OPTIONS. (a) As an exception to 1-16 Section 824.101(c), a retiree who selected an optional service 1-17 retirement annuity under Section 824.204(c)(1), (c)(2), or (c)(5) 1-18 or an optional disability retirement annuity under Section 1-19 824.308(c)(1), (c)(2), or (c)(5) may revoke the designation of the 1-20 beneficiary to receive the annuity on the death of the retiree, if 1-21 a court in a divorce proceeding involving the retiree and 1-22 beneficiary approves or orders the revocation in the divorce decree 1-23 or acceptance of a property settlement. The revocation takes 1-24 effect when the retirement system receives it. 1-25 (b) A revocation described by Subsection (a) cancels the 1-26 optional annuity selection made by the retiree, effective with the 1-27 beginning of payments of the annuity as recomputed under this 1-28 subsection. The retiree is entitled to receive payments of a 1-29 standard service or disability retirement annuity, as applicable, 1-30 reduced for early retirement, if applicable, beginning with the 1-31 payment for the month after the month in which the retirement 1-32 system receives the notice of revocation and ending on the death of 1-33 the retiree. 1-34 (c) The retirement system by rule may establish requirements 1-35 for forms, documentation, and procedures necessary for the 1-36 administration of this section. 1-37 SECTION 2. The importance of this legislation and the 1-38 crowded condition of the calendars in both houses create an 1-39 emergency and an imperative public necessity that the 1-40 constitutional rule requiring bills to be read on three several 1-41 days in each house be suspended, and this rule is hereby suspended, 1-42 and that this Act take effect and be in force from and after its 1-43 passage, and it is so enacted. 1-44 * * * * *