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 relinquishing their designation. The bill also introduces provisions for retired members who have a living designated beneficiary other than their spouse or former spouse, allowing them to deselect that beneficiary and either designate a new one or have future annuity payments made without reduction.

Additionally, the bill outlines the process for adjusting annuities in the event of a beneficiary's death or the termination of a supplemental needs trust. It specifies that retired members can pay a fee of $100 to the board for recalculating their annuity amount when changing beneficiaries. The bill ensures that the actuarial present value of the annuity remains consistent with the amount being paid prior to any designation changes. Overall, the amendments aim to provide greater flexibility and options for retired members regarding their beneficiaries and retirement benefits.

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