§ 8-36-606 — Cancellation of election of designated beneficiary after retirement date - Designation of new beneficiary

Tennessee § 8-36-606

• Jurisdiction: Tennessee
• Title: 8

Text

(a) The election of a designated beneficiary under an optional retirement plan must not be cancelled by the member after the member's retirement date, except as provided in this section. (b) After a member's retirement date, a retired member may cancel the member's designated beneficiary for any reason, including, but not limited to, the death of the beneficiary or the member's divorce from the designated beneficiary, upon the written request of the member; however, a retired member cannot cancel the member's beneficiary under this subsection (b) after retirement if the retiree has previously cancelled a beneficiary designation under this subsection (b). (c) If a retired member cancels the member's designated beneficiary who is the member's spouse or former spouse, the retired member must include proper documentation with the written cancellation request, which, for a divorce, must include, but is not limited to, the final decree and marital dissolution agreement of the parties. The cancellation must not be in conflict with the decree or marital dissolution agreement. (d) If a retired member cancels the member's designated beneficiary, the member may designate a new beneficiary, but upon the death of the retired member, the newly designated beneficiary is only entitled to the remaining accumulated contributions in the member's account or the member's retirement allowance in the month of death. (e) The retirement allowance payable to the retired member after the cancellation of the designated beneficiary pursuant to this section is not affected by the cancellation of beneficiary designation.

Legislative History

Amended by 2022 Tenn. Acts, ch. 831, s 1, eff. 4/19/2022. Acts 1977, ch. 400, § 5; T.C.A., § 8-3917(d); Acts 1986, ch. 811, § 1; 1988, ch. 872, § 1.