Sec. 854.503. TRUST AS BENEFICIARY. (a) Except as provided by Subsection (b), a member or retiree may designate a trust as beneficiary for the payment of benefits from the retirement system. If a trust is designated beneficiary, the beneficiary of the trust is considered the designated beneficiary for the purpose of determining eligibility for and the amount and duration of benefits. The trustee is entitled to exercise any rights to elect benefit options and name subsequent beneficiaries.
(b) A trust having more than one beneficiary may not receive benefits to which multiple designated beneficiaries are not eligible under this chapter.
Added by Acts 1995, 74th Leg., ch. 514, Sec. 16, eff. Sept. 1, 1995.
Structure Texas Statutes
Title 8 - Public Retirement Systems
Subtitle G - Texas Municipal Retirement System
Section 854.501. Return of Contributions
Section 854.502. Refund of Unrecovered Contributions
Section 854.503. Trust as Beneficiary
Section 854.504. Person Causing Death of Member or Annuitant
Section 854.505. Simultaneous Death of Member and Beneficiary