Sec. 103.0535. ALTERNATIVE ANNUITY COMPENSATION. (a) A person entitled to compensation under Section 103.001(a) may elect to receive reduced alternative annuity payments under this section instead of standard annuity payments.
(b) Alternative annuity payments are payable throughout the life of the claimant and are actuarially reduced from the standard annuity payments to their actuarial equivalent under the option selected under Subsection (c).
(c) A claimant may select one of the following options, which provide that:
(1) after the claimant's death, the alternative annuity payments are payable to and throughout the life of the claimant's spouse;
(2) after the claimant's death, three-fourths of the initial alternative annuity payment amount is payable to and throughout the life of the claimant's spouse;
(3) after the claimant's death, one-half of the initial alternative annuity payment amount is payable to and throughout the life of the claimant's spouse;
(4) if the claimant dies before 180 monthly alternative annuity payments have been made, the remainder of the 180 payments are payable to the claimant's spouse or designated beneficiary; or
(5) if the claimant dies before 120 monthly alternative annuity payments have been made, the remainder of the 120 payments are payable to the claimant's spouse or designated beneficiary.
(d) An election under this section must be made not later than the 45th day after the date on which the claimant files with the comptroller the application required by Section 103.051 on a form prescribed by the comptroller that:
(1) identifies the claimant's spouse or designated beneficiary according to Section 103.0536; and
(2) specifies the option selected under Subsection (c).
(e) A claimant who elects to receive alternative annuity payments under this section that are payable to the claimant and the claimant's spouse and survives the claimant's spouse is entitled to an increase in the amount of the claimant's monthly annuity payments so that the claimant's monthly payments equal the monthly payments the claimant would have received had the claimant not elected to receive the alternative annuity payments. The claimant is entitled to the increased payments beginning the month after the month in which the claimant's spouse dies and ending on the date of the claimant's death.
Added by Acts 2015, 84th Leg., R.S., Ch. 689 (H.B. 638), Sec. 2, 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