Sec. 103.053. ANNUITY COMPENSATION GENERALLY; STANDARD ANNUITY PAYMENTS. (a) A person entitled to compensation under Section 103.001(a) is entitled to standard annuity payments under this section unless the person elects to receive alternative annuity payments under Section 103.0535.
(a-1) Standard annuity payments are based on a present value sum equal to the amount to which the person is entitled under Sections 103.052(a)(1) and (b).
(b) Standard annuity payments are payable in equal monthly installments for the life of the claimant.
(c) Annuity payments under this chapter must be based on a five percent per annum interest rate and other actuarial factors within the discretion of the comptroller. Annuity payments under this chapter may not be accelerated, deferred, increased, or decreased. A person entitled to annuity payments under this chapter, including a claimant's spouse or designated beneficiary entitled to payments under Section 103.0535, may not sell, mortgage or otherwise encumber, or anticipate the payments, wholly or partly, by assignment or otherwise.
Added by Acts 2009, 81st Leg., R.S., Ch. 180 (H.B. 1736), Sec. 6, eff. September 1, 2009.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 689 (H.B. 638), Sec. 1, eff. September 1, 2015.
Section: Previous 103.001 103.002 103.003 103.051 103.052 103.053 103.0535 103.0536 103.054 103.101 103.102 103.151 103.152 103.153 NextLast modified: September 28, 2016