Texas Vernon’s Civil Statutes
Sec. § 12.01
Administrator and Employees


The board of trustees shall appoint an administrator who shall administer the fund under the supervision and direction of the board of trustees. The board of trustees shall employ such other employees as are required for the efficient administration of the fund.

(b)

If, according to mortality tables adopted by the Internal Revenue Service, at the time of the members retirement the joint life expectancy of the member making the selection and of the beneficiary is less than the minimum period that monthly payments would be required under the option selected, the member must select another option so that the minimum period that monthly payments would be required does not exceed the joint life expectancy of the person making the selection and of the beneficiary.

(c)

If, according to mortality tables adopted by the Internal Revenue Service, the life expectancy of a person to whom a benefit will be paid as the result of a members death before retirement is less at the time of the members death than the minimum period that monthly payments would be required under the option selected, the system shall adjust the minimum period that monthly payments will be required to a period that is not less than 60 months and that is the greatest multiple of 12 months that does not exceed the life expectancy of the person to whom the benefit will be paid. The amount of the monthly payment shall be adjusted to the actuarial equivalent of the payments that would be made for the greater number of months.

(d)

If the member making the selection designates the members estate as beneficiary and if, according to mortality tables adopted by the Internal Revenue Service, the life expectancy of that member is less than the minimum period that monthly payments would be required under the option selected, the member must select another option so that the minimum period that monthly payments would be required does not exceed the members life expectancy at the time of the members retirement.

(e)

If an estate will be paid monthly benefits as the result of a members death before retirement for a period that would exceed 60 months, the period for which the payments will be made shall be reduced to 60 months, and the amount of the monthly payment to the estate is the actuarial equivalent of the payments that would have been made for the greater number of months.

(f)

If a member selects an optional annuity that is payable after the retirees death throughout the life of a beneficiary who is not the retirees spouse, payments to the beneficiary after the retirees death may not exceed the applicable percentage of the annuity payment that would have been payable to the retiree using the following table:

(g)

Unless the members spouse is the beneficiary of an optional annuity that guarantees a fixed number of monthly payments, the guaranteed number of payments may not exceed the applicable period using the following table:
Source
Last accessed
Oct. 14, 2019