Texas § GV.824.402 - BENEFITS ON DEATH OF ACTIVE MEMBER

§ GV.824.402. BENEFITS ON DEATH OF ACTIVE MEMBER

BENEFITS ON DEATH OF ACTIVE MEMBER. (a) Except as provided by Section 824.401 , the designated beneficiary of a member who dies during a school year in which the member has performed service is eligible to receive at the beneficiary's election the greatest of the following amounts: (1) an amount equal to twice the member's annual compensation for the school year immediately preceding the school year in which the member dies, or $80,000, whichever is less; (2) an amount equal to twice the member's rate of annual compensation for the school year in which the member dies, or $80,000, whichever is less; (3) 60 monthly payments of a standard service retirement annuity, computed as provided by Section 824.203 ; (4) an optional retirement annuity for the designated beneficiary's life in an amount computed as provided by Section 824.204 (c)(1) as if the member had retired on the last day of the month immediately preceding the month in which the member dies; or (5) an amount equal to the amount of accumulated contributions in the member's individual account in the member savings account. (a-1) In determining under Subsection (a)(4) whether to reduce the optional retirement annuity amount because of early retirement and in determining the amount of that reduction, if applicable, the retirement system shall make the determination as if the member had retired with an additional five years of service credit on the last day of the month preceding the month in which the member dies. The additional five years of service credit used in making a determination under this subsection may not be used to determine the amount of the benefit under Section 824.203 or whether the benefit under this subsection is authorized under Section 824.401 . (b) In addition to the benefits provided under Subsection (a), the designated beneficiary of a member who is an employee of a school district and who dies as the result of a physical assault during the performance of the employee's regular duties is eligible to receive a lump-sum death benefit payment in the amount of $160,000. (c) The board of trustees by rule may prescribe the manner of payment of benefits under this section. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Amended by Acts 1987, 70th Leg., ch. 413, Sec. 4, eff. Sept. 1, 1987. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 34.402 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1995, 74th Leg., ch. 555, Sec. 26, eff. Sept. 1, 1995; Acts 1999, 76th Leg., ch. 1540, Sec. 12, eff. Sept. 1, 1999. Amended by: Acts 2017, 85th Leg., R.S., Ch. 930 (S.B. 1663 ), Sec. 5, eff. September 1, 2017.