Texas Vernon’s Civil Statutes
Sec. § 12.02
Legal Counsel


The board of trustees shall retain legal counsel for matters affecting the operation 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 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.

(d)

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:

(e)

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. 17, 2019