Texas § GV.844.009 - PARTIAL LUMP-SUM DISTRIBUTION ON SERVICE RETIREMENT

§ GV.844.009. PARTIAL LUMP-SUM DISTRIBUTION ON SERVICE RETIREMENT

PARTIAL LUMP-SUM DISTRIBUTION ON SERVICE RETIREMENT. (a) With the consent of the board of trustees, the governing body of a subdivision may authorize partial lump-sum distributions under this section. (b) A member who is eligible and applies for service retirement may simultaneously apply for a partial lump-sum distribution under this section. (c) The amount of a lump-sum distribution under this section may not exceed 100 percent of the total accumulated contributions in the member's individual account in the employees saving fund attributable to service with the subdivision for which the member has applied for retirement. (d) Repealed by Acts 2007, 80th Leg., R.S., Ch. 873, Sec. 92(12), eff. January 1, 2008. (e) For all purposes, the member's basic annuity is the annuity actuarially determined from the sum remaining under Section 844.002 (b) after deducting the amount of the lump-sum distribution. (f) The amount of a lump-sum distribution made under this section is considered to be an annuity payment for the purpose of determining whether the amount in the retiree's individual account in the employees saving fund available for distribution at the time of retirement exceeds the total amount of annuity payments made. (g) Repealed by Acts 2007, 80th Leg., R.S., Ch. 873, Sec. 92(12), eff. January 1, 2008. (h) No portion of a benefit awarded to an alternate payee under a qualified domestic relations order may be distributed in the form of a lump sum under this section, unless the member and the alternate payee agree in writing that the alternate payee will receive all or a portion of the lump-sum distribution payable under this section instead of or as part of the benefits awarded under the qualified domestic relations order. (i) Repealed by Acts 2001, 77th Leg., ch. 122, Sec. 56(2), eff, Dec. 31, 2001. Added by Acts 1999, 76th Leg., ch. 901, Sec. 1, eff. Dec. 31, 1999; Amended by Acts 2001, 77th Leg., ch. 122, Sec. 25, 56(2), eff. Dec. 31, 2001; Acts 2003, 78th Leg., ch. 621, Sec. 19, eff. Jan. 1, 2004. Amended by: Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587 ), Sec. 34, eff. January 1, 2008. Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587 ), Sec. 92(12), eff. January 1, 2008.