Texas Register, Volume 34, Number 33, Pages 5445-5614, August 14, 2009 Page: 5,489
5445-5614 p. ; 28 cm.View a full description of this periodical.
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Comments on the proposed amendment may be submitted to W.
James Nabholz, III, General Counsel, Texas County and District
Retirement System, P.O. Box 2034, Austin, TX 78768-2034.
The rule is proposed under the Government Code, 845.102,
which provides the board of trustees with the authority to adopt
rules necessary or desirable for efficient administration of the
system, and Government Code, 844.407(d) which gives the
board authority to specify the form and manner in which a sur-
vivor annuity may be paid.
The Government Code, 844.407 is affected by this proposed
rule.
103.10. Survivor Annuity.
(a) The beneficiary of a deceased member who had accumu-
lated at least four years of credited service in the system is eligible to
apply for and receive a survivor annuity as described in this section.
(b) The annuity payable under this section to an individual
beneficiary shall be the actuarial equivalent, as defined in 841.001(1)
of the Act, of the allocated shares of the member's individual account
balance and total service credit standing to the credit of the member
computed as of the last day of the month preceding the member's death.
(c) An individual designated as beneficiary by the member, or
an individual designated as beneficiary under the Act, may elect an
annuity to be paid in the form of a life annuity for the beneficiary's
life but actuarially reduced to provide a guarantee that the total of all
payments will equal or exceed:
(1) the beneficiary's allocated share of the decedent's indi-
vidual account balance; or
(2) the equivalent of 120 monthly payments; or
(3) the equivalent of 180 monthly payments.
(d) In lieu of an annuity, the beneficiary may elect a refund of
the beneficiary's allocated share of the deceased member's individual
account.
(e) The annuity shall be calculated using the beneficiary's age
on the last day of the month preceding the member's death and com-
puted on the beneficiary's allocated shares of the deceased member's
individual account balance and total service credit standing to the credit
of the member as of the last day of the month preceding the member's
death.
(f) An individual designated as beneficiary by the member,
or an individual designated as beneficiary under the Act, may not re-
nounce, repudiate, or disclaim the benefit provided under this section if
in doing so the benefit would then become payable to the estate of the
deceased member by default rather than by designation, except that in
lieu of an annuity, an individual beneficiary may apply for a refund of
that beneficiary's share of the deceased member's individual account
balance.
(g) In the event that multiple persons are designated as ben-
eficiaries by the member, the deceased member's individual account
balance and total service credit shall be prorated among all beneficia-
ries, and each individual beneficiary may select any payment form de-
scribed in subsection (c) of this section, above computed on the shares
allocated to that individual. A beneficiary designated by the member
or designated under the Act that is not an individual will receive in-
stallment payments [a single payment] as described in subsection (h)
of this section.
(h) A designated beneficiary that is not an individual shall re-
ceive an amount [a single payment] equal to the allocated shares of the
member's individual account balance and total service credit standingto the credit of the member as of the last day of the month preceding the
member's death. The board authorizes the director, subject to the de-
termination made in subsection (1) of this section, to cause the amount
to be paid in up to sixty (60) monthly installments, with the final pay-
ment made on or before the last day of the calendar year containing the
fifth anniversary of the member's death. Notwithstanding subsection
(k) of this section, interest shall accrue on unpaid amounts at the rate
provided under the plan beginning from the last day of the month in
which all necessary documents and applications have been filed with
and approved by the system. A distribution payable under this subsec-
tion is not considered to be a service retirement and therefore is not
subject to the immediate transfer requirements of Government Code,
845.316.
(i) A trustee of a trust having a single primary beneficiary may
elect with the system, that the beneficiary of the trust be considered as
a named beneficiary for purposes of selecting an annuity but such elec-
tion shall be effective only if the beea the beneficiary of the trust would be con-
sidered a named beneficiary for purposes of the rules and regulations of
the Internal Revenue Code relating to required innimum distributions.
(j) An individual beneficiary who dies before filing an appli-
cation for benefits or who fails to file an application within 90 days fol-
lowing notice from the system that a benefit is payable shall be deemed
to have selected the life annuity with the guarantee that the total of all
payments will equal or exceed the share of the deceased member's in-
dividual account balance allocable to the beneficiary.
(k) No interest shall accrue on any benefit payable under this
section.
(1) If the director determines that the payment under subsection
(h) of this section, of the total accrued benefit or of the unpaid balance
of the benefit as a single sum will not harm or injure the funded status
of the subdivision's account or jeopardize its ability to pay all benefits
as benefits become due, the board authorizes the director to cause the
distribution of the total accrued benefit or the remaining unpaid balance
as the case may be, to be paid as a single sum in full satisfaction of all
amounts due under the plan.
(m) All distributions under this section must comply with the
laws and regulations of the Internal Revenue Code.
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal author-
ity to adopt.
Filed with the Office of the Secretary of State on August 3, 2009.
TRD-200903277
W. James Nabholz, III
General Counsel
Texas County and District Retirement System
Earliest possible date of adoption: September 13, 2009
For further information, please call: (512) 637-3355
TITLE 40. SOCIAL SERVICES AND ASSIS-
TANCE
PART 20. TEXAS WORKFORCE
COMMISSION
CHAPTER 815. UNEMPLOYMENT
INSURANCEPROPOSED RULES August 14, 2009
34 TexReg 5489
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Texas. Secretary of State. Texas Register, Volume 34, Number 33, Pages 5445-5614, August 14, 2009, periodical, August 14, 2009; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth90865/m1/44/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.