Texas Government Code 839.301 – Selection of Death Benefit Plan by Member
(a) An eligible member may select a death benefit plan for the payment of a death benefit annuity, to be paid if the member dies before retirement. Except as provided by Subsections (c) and (d), a death benefit annuity is an amount computed, in the manner provided under Sections 839.102(a) and (b) for computation of a standard service retirement annuity, as if the member had retired on the date of death and payable, beginning on the day after the date of the member’s death, in one of the following ways:
(1) throughout the life of one person designated by the member; or
(2) to one or more persons designated by the member, for a period of 120 months.
(b) A member eligible to select a death benefit plan is one who is a member and has at least 10 years of service credit in the retirement system.
Terms Used In Texas Government Code 839.301
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) The retirement system shall, under tables adopted by the board of trustees as provided by § 840.005, actuarially reduce the amount of a death benefit annuity payable under this section for the difference between the member’s age on the date of death and age 65, if the member dies before attaining that age.
(d) The computation of a death benefit annuity selected under Subsection (a)(1) must include the age of the designated recipient.
(e) A member may select a death benefit plan by filing an application for a plan with the board of trustees on a form prescribed by the board. After selection, a death benefit plan takes effect at death unless the member amends the plan, selects a retirement annuity at the time of retirement, or has chosen a plan that cannot take effect.