Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 3 - TEACHER RETIREMENT SYSTEM OF TEXAS › Chapter 29 - BENEFITS › Subchapter A - RETIREMENT › Section 29.8 - Retirement Payment Plans

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  standard annuity benefit is payable throughout life for service retirees or for
				  the duration of the disability for disability retirees with at least 10 years
				  of service, with payments ceasing the month following the death of the retired
				  member. If the retired member did not receive annuity payments equal to his
				  accumulated contributions, there shall be paid to his beneficiary an amount
				  equal to the retired member's accumulated contributions less the total amount
				  of retirement benefits paid to the retired member.
(b) An option which permits the retiree to
				  reduce his own annuity with monthly benefits continuing to a beneficiary after
				  his death may be selected in lieu of the standard annuity. The options are:
(1) a reduced allowance payable throughout
				  life with the provision that upon the death of the retired member, the reduced
				  allowance shall be continued throughout the life of, and paid to, the person
				  designated as beneficiary of the optional annuity. Upon the death of a retired
				  member's beneficiary who was receiving an Option 1 annuity, if the total
				  payment of benefits to the retired member and his beneficiary under this option
				  was less than the accumulated contributions of the retired member, then the
				  estate or heirs of the beneficiary shall be refunded an amount equal to the
				  retired member's accumulated contributions less the total amount of Option 1
				  benefits which has been paid to both annuitants;
(2) a reduced allowance payment throughout
				  life with the provision that, upon the death of the retired member, one-half of
				  the reduced allowance shall be continued throughout the life of, and paid to,
				  the person designated as beneficiary of the optional annuity. Upon the death of
				  a retired member's beneficiary who was receiving an Option 2 annuity, if the
				  total payment of benefits to the retired member and his beneficiary under this
				  option was less than the accumulated contributions of the retired member, then
				  the estate or heirs of the beneficiary shall be refunded an amount equal to the
				  retired member's accumulated contributions less the total amount of Option 2
				  benefits that had been paid to both annuitants;
(3) a reduced allowance payable for
				  guaranteed period of five years and as long thereafter as the retired member
				  shall live;
(4) a reduced allowance
				  payable for guaranteed period of 10 years and as long thereafter as the retired
				  member shall live;
(5) a reduced
				  allowance payable throughout life with the provision that upon the death of the
				  retired member, three-fourths of the reduced allowance shall be continued
				  throughout the life of, and paid to, the person designated as beneficiary of
				  the optional annuity. Upon the death of the retired member's beneficiary who
				  was receiving an Option 5 annuity, if the total payment of benefits to the
				  retired member and his beneficiary under this option was less than the
				  accumulated contributions of the retired member, then the estate or heirs of
				  the beneficiary shall be refunded an amount equal to the retired member's
				  accumulated contributions less the total amount of Option 5 benefits that had
				  been paid to both annuitants.