Texas Government Code 854.501 – Return of Contributions
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(a) Except as provided by Subsection (c), if a member dies before retirement, a lump-sum death benefit is payable from the benefit accumulation fund in the amount of:
(1) the amount credited to the member’s individual account; plus
(2) interest computed from the beginning of the year in which death occurs through the end of the month immediately preceding the month in which death occurs at the rate allowed on member contributions during the preceding year.
(b) The benefit provided by this section is payable to the decedent‘s estate unless the decedent has directed that the benefit be paid otherwise.
Terms Used In Texas Government Code 854.501
- 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.
- Decedent: A deceased person.
- Month: means a calendar month. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) A benefit is not payable under this section if an annuity based on the decedent’s service is payable under this subtitle.