Sec. 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(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(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.