Return Home

News

Survivor Benefit Option Elections

The Austin Police Retirement System's pension statute, Article 6243n-1, Vernon's Texas Civil Statute, allows members who wish for their selected beneficiary to receive a survivor benefit option in the event of their death prior to retirement to take certain steps to ensure that their wishes are carried out. Within one year prior to the date on which a member becomes eligible for service retirement, the member may file with the board the member's written statement selecting one of the optional benefits and designating the beneficiary of the option if one is selected. That option selection shall become effective at the member's date of eligibility for service retirement. The member retains the right to make a final selection until the date of retirement. The final selection shall be binding on all parties. After filing the written statement selecting one of the optional benefits, the member may continue in service (working) and thereafter retire any time after eligibility by filing a written application for service retirement. If the member dies before retirement but after becoming eligible for service retirement, the member's survivor benefit is calculated as if the member had retired on the last day of the calendar month of death under the optional benefit selected. In the event a member who is eligible for service retirement dies without making a written selection of one of the options, and if the member leaves a (legal) spouse surviving, then the surviving spouse of such member may select the optional form of the survivor benefit in the same manner as if the member had made the selection or may select a lump-sum payment equal to twice their accumulated deposits standing to the member's credit in the System. If the member leaves no (legal) spouse surviving, then the member's beneficiary, or if no beneficiary exists, the executor or administrator of the estate of the member, is entitled to elect either an Option V survivor benefit (15-Year Certain and Life Annuity), effective the last day of the calendar month in which the death of the member occurs, or a lump-sum payment equal to twice the accumulated deposits standing to the member's credit in the System. Please contact Michelle Ruland, Benefit Services Specialist at the Pension Office at mruland@ausprs.org or (512) 416-7672 with any questions or to request further information.

Article 6243n-1

site by white lion