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77'(R) SB 522 Enrolled version - Bill Text Page 9 of 12 19-14 19-15 19-16 19-17 19-18 19-19 19-20 19-21 19-22 19-23 19-24 19-25 19-26 20-1 20-2 20-3 20-4 20-5 20-6 20-7 20-8 20-9 20-10 20-11 20-12 20-13 20-14 20-15 20-16 20-17 20-18 20-19 20-20 20-21 20-22 20-23 20-24 20-25 20-26 21-1 21-2 21-3 21-4 21-5 21-6 21-7 21-8 21-9 21-10 21-11 21-12 21-13 21-14 21-15 21-16 21-17 21-18 21-19 21-20 21-21 (f) The selection of an optional annuity and designation of a beneficiary under this section is not effective if the retiree or beneficiary dies before the date the chan ge is to take effect. Sec. 854.108. DESIGNATION OF BENEFICIARY AFTER RETIREMENT UNDER JOINT AND SURVIVOR ANNUITY. (a) T his section applies only to a retiree who: (1) at the time of retirement selected a n optional annuity providing that, after the retiree's death, payments would be made to a beneficiary throughout the r emaininq life of the beneficiary and the beneficiary predeceas es the retiree; (2) marries after the date of the person's retirement; and (3) has not previously replaced an annuity under this section. (b) A retiree described by subsection (a) may replace an annuity by selectin~ an optional annuity under Section 854.104(c) (1), (2), or (5) and designating 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 marriage unless the postretirement ma rriaqe occurred before January 1, 2002, in which case the select ion must be filed with the retirement system before January 1, 2003. (d) 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. (e) The selection of an optional annuity and designation of a beneficiary under this section is not effective if the retiree or beneficiary dies before the date the chan ge is to take effect. SECTION 19. Section 854.202, Government Code, is amended by adding Subsection (j) to read as fo llows: (j) A member is eligible to retire and receive a service retirement annuity if the member: (1) is at least 60 years of age; and (2) has at least five years of credited service performed for one or more municipalities to which the five-year vesting provision under Section 854.205 applies. SECTION 20. Subchapter C, Chapter 854, Government Code, is amended by adding Section 854.205 to read as follows: Sec. 854.205. FIVE-YEAR VESTING. (a) This section applies to each municipality unless the municipal ity's governing board files with the board of trustees before December 31, 2001, an election to not provide for five -year vesting. A ~overninq board that elects to not provide five -year vesting may revoke that election by sending notice to the board o f trustees to provide for five-year vesting. (b) After December 31, 2001, a member ma y terminate covered employment and remain eligible to retire and receive a service retirement annuity at any time after the member attains an applicable age as provided by law if the member has at least five years of credited service performed for o ne or more municipalities to which the five -year vesting provision under this section ~pplies. SECTION 21. Subsection (c), Section 854.304, Government Code, is amended to read as follows : (c) A standard disability re tirement annuity is payable throughout the life of a retiree. [~f I re?ret di~ ~cfcrc ~9 ...... ' 11/1/2001 http://www.cap~tol.state.tx.us/cg~-b~n/tlo/wewtext cmd?LEG-77&SES S-R&CHAMBER- '"