Texas Property Code
§ 121.051 — DEFINITIONS
PR § 121.051Title 9. TRUSTS · Part C. MISCELLANEOUS TRUSTS · Ch. 121. EMPLOYEES' TRUSTS · Art. B. DEATH BENEFITS UNDER EMPLOYEES' TRUSTS
Statute text
View on source(a)In this subchapter:
(1)"Death benefit" means a benefit of any kind, including the proceeds of a life insurance policy or any other payment, in cash or property, under an employees' trust or a retirement account, a contract purchased by an employees' trust or a retirement account, or a retirement-annuity contract that is payable because of an employee's, participant's, or beneficiary's death to or for the benefit of the employee's, participant's, or beneficiary's beneficiary.
(2)"Employee" means a person covered by an employees' trust or a retirement account that provides a death benefit or a person whose interest in an employees' trust or a retirement account has not been fully distributed.
(3)"Employees' trust" means:
(A)a trust forming a part of a stock-bonus, pension, or profit-sharing plan under Section 401, Internal Revenue Code of 1954 (26 U.S.C.A. Sec. 401 (1986));
(B)a pension trust under Chapter 111; and
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Legislative history
Acts 1983, 68th Leg., p. 3692, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 1987, 70th Leg., ch. 741, Sec. 3, eff. Aug. 31, 1987.