10 TMRS Vesting Period - Laserfiche WebLink

Home Browse Search

77~R) SB 522 Enrolled version - Bill Text Page 7 of 12 14-24 14-25 14-26 15-1 15-2 15-3 15-4 15-5 15-6 15-7 15-8 15-9 15-10 15-11 15-12 15-13 15-14 15-15 15-16 15-17 15-18 15-19 15-20 15-21 15-22 15-23 15-24 15-25 15-26 16-1 16-2 16-3 16-4 16-5 16-6 16-7 16-8 16-9 16-10 16-11 16-12 16-13 16-14 16-15 16-16 16-17 16-18 16-19 16-20 16-21 16-22 16-23 16-24 16-25 16-26 17-1 17-2 17-3 17-4 17-5 and beneficiary must execute and acknowle subsection, a form statinq that they are under subsection (i) and that they unders annuity will be smaller than the standard they are both living and if the beneficia The acknowledgment must be on a form pres trustees and be made before a notary publ authorized to take acknowledgments. The dge, as provided by this requestinq.a modification tand that the modified service annuity while ry survives the member. cribed by the board of ic or other officer retiree and beneficiary must file the executed form with the retirement system before January 1, 2003. SECTION 16. Section 854.105, Government Code, is amended to read as follows: Sec. 854.105. SELECTION OF OPTIONAL SERVICE RETIREMENT ANNUITY. (a) A vested member [whc i~ c!i~5~!e ~ 2c~ ret~ ..... t ] may, while continuing to perform service for a participating municipality or after terminatinq all service , file with the board of trustees, on a fo rm prescribed by the board, a selection of an optional service re tirement annuity available under Section 854.104 and a designation o f beneficiary or a designation of beneficiary without selectinq a retire ment option. An annuity selected as provided by this section is payable [on thc rotir?m?mt CT ] on the member's death before retirement. (b) A member may change a se lection of an optional annuity or a designation of beneficiary at any time before the member's retirement or death in the same man ner that the original selection o__r [~a%~] designation was [~-:crc] made. (c) If a member eligible und er this section to select an optional service retirement annuity dies before retirement without having made a selection, the beneficiary designated under Subsection (a) may select an optional ann uity in the same manner as if the member had made the selection, sub ject only to the requirements of the Internal Revenue Code of 1986, and its subsequent amendments, as to the length o f time over which the payments can be made. (d) If a beneficiary has not been design ated under subsection (a), the member's surviving spouse may elect to receive a refund of the member's accumulated contributions or [~] an optional annuity in the same manner as if the member had made the selection. (e) If a beneficiary has not been design ated under Subsection (a) and no survivinq spouse ex ists, the member's survivinq children jointly may elect to receive: (1) a refund of the member's accumulated contributions; or (2) an optional annuity in the same mann er as if the member had made the selection, subject on ly to the requirements of the Internal Revenue Code of 1986, and it s subsequent amendments~ as to the length of time over which the payments can be made. (f) If there is no surviving spouse or surviving chil~ and no beneficiary designated under subsection (a) exists, the last person desiqnated by the member as a beneficiary on a form filed with the retirement system may elect to receive: (1) a refund of the member's accumulated contributions; or (2) an optional annuity in the same mann er as if the member had made the selection, subject on ly to the requirements of the Internal Revenue Code of 1986, and it s subsequent amendments, as to the length of time over which the payments can be made. (g) If there is not a person who is eliq ible to ~ake a selection under Subsections (c) -(f), the executor or administrator http://www.~apit~.state.tx.us/cgi-bin/t~/viewtext.cmd?LEG=77&SESS=R&CHAMBER=~... 11/1/2001