Texas Government Code 814.008 – Change of Beneficiary After Retirement
Current as of: 2024 | Check for updates
|
Other versions
(a) A retiree receiving an optional service or disability retirement annuity approved by the board of trustees or described by § 814.108(c)(1), (c)(2), or (c)(5) or receiving an optional cash balance annuity described by § 820.0535(c)(1), (c)(2), or (c)(5) may change the designated beneficiary as provided by this section for the benefits payable after the retiree’s death.
(b) If the beneficiary designated at the time of the retiree’s retirement is the spouse or former spouse of the retiree:
(1) the spouse or former spouse must give written, notarized consent to the change; or
(2) a court with jurisdiction over the marriage must have ordered the change.
Terms Used In Texas Government Code 814.008
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) A beneficiary designated under this section is entitled on the retiree’s death to receive monthly payments of the survivor’s portion of the retiree’s optional retirement annuity for the shorter of:
(1) the remainder of the life expectancy of the beneficiary designated as of the effective date of the retiree’s retirement; or
(2) the remainder of the new beneficiary’s life.
(d) A retiree may not change a beneficiary under this section after retirement if the retiree has previously changed after retirement a beneficiary for optional retirement annuity payments under this subtitle.