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.
Tex. Gov't Code § 814.011
LUMP-SUM PAYMENTS IN LIEU OF ANNUITIES
Added by Acts 2005, 79th Leg., Ch. 347 (S.B. 1176), Sec. 11, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.