Sec. 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(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(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.