HBA-SEB, PDH H.B. 264 76(R)BILL ANALYSIS Office of House Bill AnalysisH.B. 264 By: Hochberg Pensions and Investments 7/8/1999 Enrolled BACKGROUND AND PURPOSE Prior to the 76th Legislature, a person who retired under the Employees Retirement System (ERS) and chose one of two optional retirement annuity plans could not change the beneficiary after the retiree's annuity payments began. H.B. 264 allows a retiree who retired under ERS and selected an optional retirement annuity plan to change the beneficiary designated at the time of retirement after annuity payments begin, but prohibits changing the beneficiary more than once after retirement. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Subchapter A, Chapter 814, Government Code, by adding Section 814.008, as follows: Sec. 814.008. CHANGE OF BENEFICIARY AFTER RETIREMENT. Authorizes a retiree receiving an optional service or disability retirement annuity approved by the board of trustees or described by Section 814.108(c)(1) or (c)(2) (Optional Service Retirement Benefits) to change the designated beneficiary. Provides that a spouse or former spouse must give written, notarized consent to the change, or the change must be ordered by a court with jurisdiction over the marriage, if a spouse or a former spouse is the designated beneficiary at the time of retirement. Provides that the designated beneficiary is entitled to receive monthly payments from the retiree's optional retirement annuity for the shorter of either the beneficiary's life expectancy remaining at retiree's retirement or the life of the new beneficiary. Prohibits a retiree from changing the beneficiary more than once after retirement. SECTION 2. Amends Section 814.108(g), Government Code, to make a conforming change. SECTION 3. Emergency clause. Effective date: upon passage.