§ 19-20-1008 — Changes To Beneficiary Designations -- Limitations On Changing Spouse Beneficiary Interest

19-20-1008 . Changes to beneficiary designations -- limitations on changing spouse beneficiary interest. (1) Once accepted by the retirement system, a beneficiary designation may be changed only by the member submitting to the retirement system a new effective beneficiary designation record. No other action, process, or provision of law may invalidate, revoke, terminate, or otherwise modify the beneficiary designation record. Divorce, annulment, or other circumstances resulting in the termination of a valid or invalid marriage does not void the member's designation of the former spouse or purported spouse as a beneficiary.
(2) (a) Except as provided in subsection (3), a member may change the member's beneficiary designation at any time by filing with the retirement system a new beneficiary designation record.
(b) The new beneficiary designation must meet all requirements specified in 19-20-1007 to be effective.
(c) A new effective beneficiary designation invalidates all prior beneficiary designations.
(3) (a) A member may not reduce or revoke the beneficiary interest of a designated beneficiary identified as the member's spouse if a divorce is pending, except with a signed and notarized waiver of beneficiary interest made by the spouse or pursuant to an order of the court in which the divorce is pending.
(b) If a change resulting in a reduction or revocation of a spouse beneficiary's interest is made by the member, the member shall establish the member's right to reduce or revoke the spouse beneficiary's interest by completing a certification of marital status.

Legislative History

En. Sec. 17, Ch. 276, L. 2019.