The bill amends Section 22-11-29 of the New Mexico Educational Retirement Act to provide additional options for retired members who have designated a spouse as their beneficiary. It allows these members to exercise a one-time irrevocable option to change their designated beneficiary under certain conditions, including the requirement for a notarized consent from the spouse. The bill also introduces provisions for retired members who have lost their designated beneficiaries, enabling them to select new beneficiaries or adjust their annuity payments accordingly.

Additionally, the bill outlines the procedures for recalculating annuity amounts when a beneficiary is changed and establishes a fee of $100 to cover the costs associated with determining the new annuity amount. It ensures that the actuarial present value of the annuity remains consistent with the previous payments prior to the designation change. Overall, the bill aims to enhance the flexibility and options available to retired members regarding their retirement benefits and beneficiaries.

Statutes affected:
introduced version: 22-11-29
Final Version: 22-11-29