Texas Government Code 824.206 – Change of Service Retirement Annuity Payment Plan
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(a) A retiree may change the retiree’s choice of service retirement annuity payment plans after the retiree’s effective date of retirement by filing written notice with the board of trustees before the later of the date on which the retirement system makes the first annuity payment or the date the first payment becomes due. After the first payment has been made by the retirement system or has become due, a retiree may not change the annuity payment plan selected.
(b) For purposes of this section, the term “makes payment” includes the depositing in the mail of a payment warrant or the crediting of an account with payment through electronic funds transfer.
Terms Used In Texas Government Code 824.206
- 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.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) The retirement system may adopt rules to administer this section.