Texas HB5632 allows retirees to change their beneficiary for optional retirement annuities, with specific consent rules for spouses.

Texas HB5632 amends the Government Code to allow retirees of the Employees Retirement System of Texas to change their designated beneficiary for optional retirement annuities. If the original beneficiary was a spouse, the current or former spouse must provide written, notarized consent or a court must order the change. The new beneficiary will receive monthly payments for the remainder of their life or the life expectancy of the original beneficiary, whichever is shorter. Retirees cannot change beneficiaries after retirement if they have already done so once.

Texas HB5632 allows retirees to change their beneficiary for optional retirement annuities, with specific consent rules for spouses.

Texas HB5632 amends the Government Code to allow retirees of the Employees Retirement System of Texas to change their designated beneficiary for optional retirement annuities. If the original beneficiary was a spouse, the current or former spouse must provide written, notarized consent or a court must order the change. The new beneficiary will receive monthly payments for the remainder of their life or the life expectancy of the original beneficiary, whichever is shorter. Retirees cannot change beneficiaries after retirement if they have already done so once.