CHAPTER 82. DISCHARGE OF LIABILITY UNDER CERTAIN EMPLOYEE BENEFIT PLANS
LABOR CODE
TITLE 2. PROTECTION OF LABORERS
SUBTITLE D. EMPLOYEE BENEFITS
CHAPTER 82. DISCHARGE OF LIABILITY UNDER CERTAIN EMPLOYEE BENEFIT
PLANS
Sec. 82.001. DEFINITIONS. In this chapter:
(1) "Employee benefit plan" includes:
(A) a retirement benefits plan;
(B) a death benefits plan; and
(C) a savings plan.
(2) "Employer" includes a former employer.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 9.19(a), eff. Sept.
1, 1995.
Sec. 82.002. DISCHARGE OF LIABILITY. (a) A payment or refund
made by an employer or trustee under a written employee benefit
plan to a person described by Subsection (b) fully discharges the
employer or trustee from all adverse claims against the payment
or refund unless, before making the payment, the employer or
trustee receives a notice that some other person claims to be
entitled to all or part of the payment or refund.
(b) Subsection (a) applies to a payment to:
(1) an employee;
(2) a former employee;
(3) an employee's or former employee's beneficiary, heir, or
legatee; or
(4) a representative of an employee's or former employee's
estate.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 9.19(a), eff. Sept.
1, 1995.
Sec. 82.003. NOTICE. (a) The notice described by Section
82.002 must be received at:
(1) the employer's principal place of business in this state, if
given to an employer; or
(2) the trustee's home office, if given to the trustee.
(b) The notice may be given by or on behalf of the other person.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 9.19(a), eff. Sept.
1, 1995.
Sec. 82.004. CORPORATION MAY TRANSFER STOCK OWNERSHIP. A
corporation, the stock of which is a part of a payment or refund
that is made as provided by Section 82.002, may accept the stock
for transfer as directed by the employer or trustee and treat the
person to whom the stock is transferred as the owner of the stock
for all purposes unless or until the corporation receives at its
home office written notice by or on behalf of a person other than
the person to whom the transfer is directed that the other person
claims ownership of the stock or another interest in the stock.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 9.19(a), eff. Sept.
1, 1995.
Sec. 82.005. LIMITED EFFECT. This chapter does not affect a
claim or right to a payment or refund between persons other than:
(1) an employer or trustee that makes the payment or refund; or
(2) a corporation that accepts for transfer corporate stock that
is a part of the payment or refund.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 9.19(a), eff. Sept.
1, 1995.