| (a) A person who retired and selected an optional cash
balance annuity described by §76.6(c)(1), (c)(2), or (c)(5) of
this chapter 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 system a request to
change the annuity and, in connection with a divorce between the retiree
and the beneficiary designated by the retiree under §76.6(b)
of this chapter, the beneficiary has executed a written, notarized
instrument that releases the system from any claim to the annuity
by the beneficiary and transfers all of the beneficiary's interest
in the annuity to the retiree.
(b) If a retiree complies with subsection (a) of this
section, the system shall recompute the annuity as a standard cash
balance annuity. The increase in the annuity under this section begins
with the payment for the month following the month in which the request
is filed.
(c) A retiree receiving an optional cash balance annuity
may change the designated beneficiary in the same manner and subject
to the same limitations provided by Tex. Gov't Code §814.008
for the change of a beneficiary after retirement.
|
