Texas Government Code 844.401 – Return of Accumulated Contributions
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(a) Except as provided by Subsection (c), if a member dies before retirement, a lump-sum death benefit is payable from the employees saving fund in the amount of:
(1) the decedent‘s accumulated contributions; plus
(2) interest computed on the decedent’s accumulated contributions on January 1 of the year of death from the beginning of that year through the end of the month before the month in which death occurs.
(b) The benefit provided by this section is payable to the decedent’s beneficiary or, if no surviving beneficiary exists, to the decedent’s spouse or, if no surviving spouse exists, to the decedent’s estate.
Terms Used In Texas Government Code 844.401
- 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.
- Month: means a calendar month. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) A benefit is not payable under this section if an annuity based on the same service with the subdivision is payable under this subtitle.