Sec. 814.011. LUMP-SUM PAYMENTS IN LIEU OF ANNUITIES. The retirement system may elect to make a lump-sum payment to a retiree or beneficiary in lieu of annuity payments if the actuarial present value of the annuity at the time of retirement or death does not exceed $20,000. Payment of a lump sum under this section does not affect eligibility for any other program administered by the retirement system.
Added by Acts 2005, 79th Leg., Ch. 347 (S.B. 1176), Sec. 11, eff. September 1, 2005.
Structure Texas Statutes
Title 8 - Public Retirement Systems
Subtitle B - Employees Retirement System of Texas
Subchapter A. General Provisions
Section 814.001. Types of Benefits
Section 814.002. Benefits From Both Membership Classes
Section 814.003. Effective Date of Retirement
Section 814.004. When Benefits Are Payable
Section 814.005. Waiver of Benefits
Section 814.006. Simultaneous Death of Member and Beneficiary
Section 814.007. Beneficiary Causing Death of Member or Annuitant
Section 814.008. Change of Beneficiary After Retirement
Section 814.009. Deduction From Annuity for State Employee Organization
Section 814.0095. Charitable Deduction From Annuity
Section 814.0096. Coordination With State Employee Charitable Campaign Policy Committee
Section 814.010. Electronic Filing of Beneficiary Designation
Section 814.011. Lump-Sum Payments in Lieu of Annuities
Section 814.012. Disposition of Unclaimed Beneficiary Benefits