Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 4 - EMPLOYEES RETIREMENT SYSTEM OF TEXAS › Chapter 73 - BENEFITS › Section 73.26 - Beneficiary Lineage for Guaranteed Periodic Payments

Current through Reg. 49, No. 28; July 12, 2024
(a) A member or retiree who selects an
				optional retirement annuity payable for a guaranteed period may, before or
				after retirement, designate one or more persons as primary beneficiaries to
				receive any remaining guaranteed periodic annuity payments if the member or
				retiree dies after retirement but before all guaranteed payments have been
				made. The member or retiree may also designate one or more alternate
				beneficiaries.
(b) A member who
				selects a death benefit plan for the payment of a death benefit plan annuity
				for a guaranteed period may designate one or more primary beneficiaries to
				receive the death benefit annuity upon the death of the member. The member may
				also designate one or more alternate beneficiaries.
(c) If any designated primary beneficiary is
				living at the time of the death of the retiree or of the member referred to in
				subsections (a) and (b) of this section, the primary beneficiary or
				beneficiaries will be entitled to receive the guaranteed periodic annuity
				payments or the death benefit plan annuity payments for the remainder of the
				guaranteed period.
(d) If no
				designated primary beneficiary is living at the time of the death of the
				retiree or of the member referred to in subsections (a) and (b) of this
				section, the designated alternate beneficiary or beneficiaries will be entitled
				to receive the guaranteed periodic annuity payments or the death benefit plan
				annuity payments, as applicable, in place of the designated primary
				beneficiaries. However, if a designated primary beneficiary is living at the
				time of the death of the retiree or member, then an alternate beneficiary shall
				have no further right, title, or interest in any annuity payments.
(e) If multiple primary beneficiaries are
				designated, upon the death of any one primary beneficiary, the remaining
				primary beneficiaries will share proportionately, based on the designated
				percentages, that portion of any remaining guaranteed annuity or death benefit
				plan annuity payments that was to have been paid to the beneficiary who
				died.
(f) If a designated primary
				beneficiary or alternate beneficiary becomes entitled to guaranteed annuity or
				death benefit plan payments as described in this section, but dies before all
				of the guaranteed periodic payments have been paid, and there are no other
				designated beneficiaries then living, any remaining guaranteed periodic
				payments shall be made to the estate of the beneficiary and not to the estate
				of the deceased retiree or member. At the sole election of the system, the
				system may pay the estate of a deceased beneficiary a lump sum amount that is
				the actuarial present value of the remaining guaranteed annuity
				payments.
(g) The simultaneous
				death provisions of Texas Government Code §
									814.006,
				and Texas Government Code §
									814.007,
				concerning a beneficiary who causes the death of a member or annuitant, apply
				to this section.