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77~R) SB 522 Enrolled version - Bill Text Page 8 of 12 17-6 17-7 17-8 17-9 17-10 17-11 17-12 17-13 17-1% 17-15 17-16 17-17 17-18 17-19 17-20 17-21 17-22 17-23 17-24 17-25 17-26 18-1 18-2 18-3 18-4 18-5 18-6 18-7 18-8 18-9 18-10 18-11 of the member's estate may elect: (1) for an estate beneficiary to receive the optional annuity under Section 854.104(c) (4), in which case the member will be considered to have retired on the last day of the month immediately preceding the month in which death occurred; or (2) for the estate to receive a refund of the member's accumulated contributions under Sec tion 854.501, in which case the member will be considered to have been a contributing member at the time of death. SECTION 17. Subsection (a), Section 854.106, Government Code, is amended to read as follows : (a) If a surviving spouse, o r the executor or administrator of a member's estate, would be enti tled to make an election under Section 854.105 [9~ ~nS(c} ] because of the death of the member, the heirs of the deceased member ma y make that election if: (1) no surviving spous (2) no petition for th representative of the member is pen (3) 30 days have elaps member; (4) the value of the e estate, excluding homestead and exem $50,000; (5) there are not more (6) on file with the re copy of a small estates affidavit th in accordance with Section 137, Texa affidavit as described by Subsection e exists; e appointment of a personal ding or has been granted; ed since the death of the ntire assets of the member's pt property, does not exceed than three heirs; and tirement system is a certified at has been approved and filed s Probate Code, or an original (b). SECTION 18. Subchapter B, Chapter 854, Government Code, is amended by adding Sections 854.107 a nd 854.108 to read as follows: Sec. 854.107. DESIGNATION OF BENEFICIARY AFTER RETIREMENT UNDER STRAIGHT LIFE OR GUARANTEED TERM AN NUITY. (a) This section 18-12 18-13 18-14 18-15 18-16 18-17 18-18 18-19 18-20 18-21 18-22 18-23 18-24 18-25 18-26 19-1 19-2 19-3 19-4 19-5 19-6 19-7 19-8 19-9 19-10 19-11 19-12 19-13 applies only to a retiree who marries aft er the date of the person's retirement and who at the time o f retirement selected either: (1) a service or disability retirement annuity that would be payable throughout the retiree's life and would not be paid after the retiree's death, except as provided by Section 854.502~ or (2) a sez-vice or disability retirement annuity that would be payable throughout the retiree's life and, if the retiree dies before 60, 120, or 180 monthly annuity payments, as appropriate, have been made, would be pay able for the remainder of those months. (b) A retiree described under Subsection (a) may replace the annuity by selecting an optional retirement annuity under Section 854.104(c) (1), (2), or (5) and by designa ting the person's spouse as beneficiary in the same manner as an annuity selection and designation of beneficiary may be made be fore retirement. (c) The selection under subsection (b) must be filed with the retirement system before the first an niversary of the date of the marriaqe unless the postretirement ma rriage occurred before January 1, 2002, in which case the select ion must be filed with the retirement system before January 1~ 2003. (d) A person may make a postretirement d esiqnation of a beneficiary under this section only once. (e) The retirement system shall adjust t he monthly payments of the annuity under the option selected to an actuarial equivalent amount of the annuity being paid immediat ely before the change in benefit option and beneficiary selection. http://www.cap~tol.state.tx.us/cg~-bm/tlo/wewtext.cmd · LEG-77&SES S-R&CHAMBER .... 11/1/2001