Tex. Gov't Code Section 820.0536
Change in Optional Cash Balance Annuity Selection

(a)

A person who retired and selected an optional cash balance annuity described by Section 820.0535 (Optional Cash Balance Benefits)(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 (Optional Cash Balance Benefits)(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).
Added by Acts 2023, 88th Leg., R.S., Ch. 78 (S.B. 729), Sec. 7, eff. May 19, 2023.

Source: Section 820.0536 — Change in Optional Cash Balance Annuity Selection, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­820.­htm#820.­0536 (accessed Jun. 5, 2024).

Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 820.0536’s source at texas​.gov