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. Specifically, if the member's spouse is the designated beneficiary, they can choose to designate another beneficiary, provided that the spouse gives notarized consent. Additionally, the bill outlines the process for recalculating the annuity amount based on the new designation and requires the retired member to pay a fee of $100 to cover the costs associated with determining the new annuity amount.

Furthermore, the bill clarifies the circumstances under which a retired member can adjust their annuity if their designated beneficiary predeceases them or if a supplemental needs trust terminates. It also establishes provisions for the benefits due to surviving beneficiaries in the event of a member's death, including options for deferring benefits or receiving a refund of contributions. Overall, the bill aims to enhance the flexibility and options available to retired members regarding their beneficiaries, particularly in the context of changing life circumstances such as divorce or the death of a spouse.

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