Bill > HB251

This bill modifies the Educational Retirement Act to provide additional options for retired members who have designated a spouse as a beneficiary for their retirement benefits. Specifically, the bill allows retired members with a spouse as a beneficiary to exercise a one-time, irrevocable option to change their beneficiary arrangement. These options include: designating a new beneficiary (with the annuity amount recalculated to maintain the same actuarial present value), having future annuity payments made without reduction, or, in the case of divorce, electing to revert to the unreduced retirement benefit option or designate a new beneficiary. To make such changes, the retired member must obtain a notarized consent from their spouse and pay a $100 fee to the retirement board to cover the cost of recalculating the annuity. The bill provides flexibility for retired educators to adjust their beneficiary designations under specific circumstances, recognizing that personal situations can change after retirement and allowing for more personalized retirement benefit arrangements.

Justice, Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=251&year=25