Tex. Gov't Code Section 840A.055
Change in Optional Cash Balance Annuity Selection

(a)

A person who retired and selected an optional cash balance annuity described by Section 840A.054 (Optional Cash Balance Benefits)(c)(1), (2), or (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 840A.054 (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. 1092 (S.B. 1245), Sec. 16, eff. June 18, 2023.

Source: Section 840A.055 — Change in Optional Cash Balance Annuity Selection, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­840A.­htm#840A.­055 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 840A.055’s source at texas​.gov