Texas Labor Code
§ 504.074 — SELF-INSURANCE ACCOUNT FOR DEATH BENEFITS AND LIFETIME INCOME BENEFITS
LA § 504.074Title 5. WORKERS' COMPENSATION · Part C. WORKERS' COMPENSATION INSURANCE COVERAGE FOR CERTAIN GOVERNMENT EMPLOYEES · Ch. 504. WORKERS' COMPENSATION INSURANCE COVERAGE FOR EMPLOYEES OF POLITICAL SUBDIVISIONS · Art. D. ADMINISTRATION
Statute text
View on source(a)A pool or a political subdivision that self-insures may establish an account for the payment of death benefits and lifetime income benefits under Chapter 408.
(b)An account established under this section may accumulate assets in an amount that the pool or political subdivision, in its sole discretion, determines is necessary in order to pay death benefits and lifetime income benefits. The establishment of an account under this section or the amount of assets accumulated in the account does not affect the liability of a pool or political subdivision for the payment of death benefits and lifetime income benefits.
(c)Chapter 2256, Government Code, does not apply to the investment of assets in an account established under this section. A pool or political subdivision investing or reinvesting the assets of an account shall discharge its duties solely in the interest of current and future beneficiaries:
(1)for the exclusive purposes of:
(A)providing death benefits and lifetime income benefits to current and future beneficiaries; and
(B)defraying reasonable expenses of administering the account;
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Legislative history
Added by Acts 2019, 86th Leg., R.S., Ch. 701 (S.B. 2551), Sec. 7, eff. June 10, 2019.