Texas Government Code 824.502 – Benefits On Death of Disability Retiree
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Terms Used In Texas Government Code 824.502
- 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.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
The designated beneficiary of a disability retiree who retires before September 1, 1992, who has not selected an optional annuity under § 824.308, and who dies while receiving a retirement benefit may elect to receive, instead of survivor benefits provided by § 824.501, a benefit available under § 824.402, computed as if the decedent had been in service at the time of death.