Texas § CP.103.0536 - DESIGNATED BENEFICIARY

§ CP.103.0536. DESIGNATED BENEFICIARY

DESIGNATED BENEFICIARY. (a) A claimant who selects a designated beneficiary to receive the remainder of the alternative annuity payments payable under Section 103.0535 (c)(4) or (5) may designate: (1) one designated beneficiary to receive the remainder of the annuity payments; (2) two or more designated beneficiaries to receive the remainder of the annuity payments in equal amounts; or (3) a primary designated beneficiary to receive the remainder of the annuity payments and an additional beneficiary. (b) If a designated beneficiary designated under Subsection (a)(2) dies before the remainder of the annuity payments are paid, the comptroller shall recalculate the payments so that the remaining designated beneficiaries receive the remainder of the annuity payments in equal amounts. (c) An additional beneficiary designated under Subsection (a)(3) takes the place of the primary beneficiary if the primary beneficiary dies before the remainder of the annuity payments are paid. A claimant may select not more than four additional beneficiaries and shall determine the order in which the additional beneficiaries are to succeed the primary beneficiary. The remainder of the annuity payments under this subsection are paid to one beneficiary at a time until the beneficiary dies or the remaining annuity payments are paid. If each additional beneficiary dies before the remainder of the annuity payments are paid, the remainder of the annuity payments are payable to the claimant's estate. (d) A designated beneficiary under this section must be a dependent of the claimant. For purposes of this subsection, "dependent" includes a claimant's spouse, minor child, and any other person for whom the claimant is legally obligated to provide support, including alimony. Added by Acts 2015, 84th Leg., R.S., Ch. 689 (H.B. 638 ), Sec. 2, eff. September 1, 2015.