Tex.
Gov't Code Section 824.503
Return of Excess Contributions
(a)
If a retiree dies while receiving a standard or reduced service retirement annuity as provided by Section 824.202 (Eligibility for Service Retirement) or an optional service retirement annuity as provided by Section 824.204 (Optional Service Retirement Benefits)(c)(1), (c)(2), or (c)(5) and, in the case of a retiree receiving an optional service retirement annuity, if the retiree’s designated beneficiary of the annuity has predeceased the retiree, the retirement system shall pay a lump-sum death benefit in an amount, if any, by which the amount of the deceased retiree’s accumulated contributions at the time of retirement exceeds the amount of annuity payments made before the retiree’s death.(b)
A benefit under Subsection (a) is payable to any existing designated beneficiary or, if none exists, in the manner provided by Section 824.103 (Absence of Beneficiary).(c)
If a retiree’s designated beneficiary dies while receiving an optional annuity under Section 824.204 (Optional Service Retirement Benefits)(c)(1), (c)(2), or (c)(5), the retirement system shall pay a lump-sum death benefit in an amount, if any, by which the amount of the retiree’s accumulated contributions at the time of retirement exceeds the amount of annuity payments made to the retiree and the designated beneficiary before the beneficiary’s death.(d)
A benefit under Subsection (c) is payable to the person or persons designated as the beneficiary of the beneficiary and, if such person has not been designated or does not survive, then to the persons entitled to distribution of the deceased beneficiary’s estate.(e)
An eligible person may receive benefits under both this section and Section 824.501 (Survivor Benefits).(f)
The designated beneficiary of a disability retiree is eligible to receive the benefits described by this section if the retiree:(1)
retires on or after September 1, 1992; and(2)
dies while receiving disability retirement benefits under Section 824.304 (Disability Retirement Benefits).
Source:
Section 824.503 — Return of Excess Contributions, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.824.htm#824.503 (accessed Jun. 5, 2024).
