Texas Government Code 841.007 – Reduction of Annuity Payments On Request
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(a) An annuitant by written request may authorize the retirement system to reduce the annuitant’s monthly payment to an amount specified in the request. In writing, the annuitant may subsequently request the retirement system to increase the annuitant’s monthly payment to any specified amount that does not exceed the amount payable if a reduction had never been requested.
(b) If the retirement system receives a request under Subsection (a), the director may cause the monthly annuity payment of the requesting annuitant to be reduced or increased as specified in the request.
Terms Used In Texas Government Code 841.007
- 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.
- 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
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) Any amounts by which an annuity is reduced under this section are forfeited to the retirement system and are not recoverable by any person.