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A BILL TO BE ENTITLED
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AN ACT
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relating to a change of beneficiary by a retiree of the Employees |
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Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sec. 814.008, Government Code, is amended to |
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read as follows: |
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Sec. 814.008. CHANGE OF BENEFICIARY AFTER RETIREMENT. |
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(a) A retiree receiving an optional service or disability |
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retirement annuity approved by the board of trustees or described |
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by Section 814.108(c)(1), (c)(2), or (c)(5) or receiving an |
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optional cash balance annuity described by Section 820.0535(c)(1), |
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(c)(2), or (c)(5) may change the designated beneficiary as provided |
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by this section for the benefits payable after the retiree's death. |
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(b) If the beneficiary designated at the time of the |
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retiree's retirement is the current spouse or former spouse of the |
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retiree: |
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(1) the current spouse or former spouse must give |
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written, notarized consent to the change; or |
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(2) a court with jurisdiction over the marriage must |
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have ordered the change. |
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(c) A beneficiary designated under this section is entitled |
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on the retiree's death to receive monthly payments of the survivor's |
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portion of the retiree's optional retirement annuity for the |
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shorter of: |
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(1) the remainder of the life expectancy of the |
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beneficiary designated as of the effective date of the retiree's |
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retirement; or |
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(2) the remainder of the new beneficiary's life. |
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(d) A retiree may not change a beneficiary under this |
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section after retirement if the retiree has previously changed |
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after retirement a beneficiary for optional retirement annuity |
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payments under this subtitle. |
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SECTION 2. This Act applies to a retiree who makes a change |
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of beneficiary under this section on, before or after the effective |
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date of this Act regardless of the date on which the previous |
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annuity selection was made. |
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SECTION 3. This Act takes effect September 1, 2025. |