Texas Insurance Code 1551.111 – Participation by Certain Retirement Systems
(a) The Texas Municipal Retirement System and the Texas County and District Retirement System shall participate in the group benefits program in the manner described by this section.
(b) Participation is limited to:
(1) an officer or employee of either system who has been an officer or employee of either system following completion of the waiting period described by § 1551.1055;
(2) an eligible dependent of an officer or employee of either system described by Subdivision (1);
(3) an individual who:
(A) was an officer or employee of either system;
(B) has retired from either system, subject to § 1551.1055;
(C) receives or is eligible to receive an annuity from either system or under Chapter 803, Government Code, based on at least 10 years of service credit and is at least 65 years of age; and
(D) has at least 10 years of service credit with a state agency whose employees are authorized to participate in the group benefits program; and
(4) an eligible dependent of a retired officer or employee described by Subdivision (3).
Terms Used In Texas Insurance Code 1551.111
- 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.
- Dependent: A person dependent for support upon another.
- Trustee: A person or institution holding and administering property in trust.
(c) Except as provided by § 1551.114, participation in the group benefits program does not extend to:
(1) the governing body of either system;
(2) a municipality or subdivision participating in either system; or
(3) a trustee, officer, or employee, or a dependent of a trustee, officer, or employee, of a participating municipality or subdivision.
(d) A participant described by this section may not receive a state contribution for premiums.
(e) Subject to § 1551.323, an individual and the individual’s dependents are eligible to participate in the group benefits program as an annuitant and the dependents of an annuitant as described under this section if the individual:
(1) served as an officer or employee as described by Subsection (b)(1) on or before August 31, 2003; and
(2) at the time of retirement meets the requirements for eligibility for participation in the program as an annuitant as those requirements existed on August 31, 2003.