Texas Government Code 824.505 – Other Amounts Payable On Death of Retiree
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(a) Amounts payable by the retirement system to an annuitant that are not received by that annuitant or the annuitant’s bank, as determined by the retirement system, before the annuitant’s death may be paid to the person named to receive benefits in the event of the annuitant’s death, in accordance with rules adopted by the board of trustees. The retirement system may send a final monthly payment of an annuity to a bank or another address previously indicated by the annuitant or beneficiary.
(b) The board of trustees may adopt rules necessary to administer this section.
Terms Used In Texas Government Code 824.505
- 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
- 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