Texas Government Code 824.104 – Failure of Beneficiary to Claim Benefits
Current as of: 2024 | Check for updates
|
Other versions
(a) If, before the first anniversary of the death of a member or annuitant, the retirement system does not receive a claim for payment of benefits from a designated beneficiary or a person entitled to benefits under § 824.103, the retirement system may pay benefits, except an optional retirement annuity under § 824.204(c)(1), (c)(2), or (c)(5), under the order of precedence in § 824.103(b), as if the person failing to claim benefits had predeceased the decedent.
(b) Payment under Subsection (a) bars recovery by any other person of the benefits distributed.
Terms Used In Texas Government Code 824.104
- 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.
- 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) If, before the fourth anniversary of the death of a member or annuitant, payment of benefits based on the death has not been made and no claim for benefits is pending with the retirement system, the accumulated contributions of the deceased member or the balance of the reserve for the deceased annuitant is forfeited to the benefit of the retirement system. The retirement system shall transfer funds forfeited under this subsection to the state contribution account.