Section 111.051 - Definitions In this subchapter:
(1) "Contracting third party" means a financial institution, insurance company, plan custodian, plan administrator, or other person who is a party to an account agreement, insurance contract, annuity contract, retirement account, beneficiary designation, or other similar contract the terms of which control whether a nontestamentary transfer has occurred or to whom property passes as a result of a possible nontestamentary transfer. The term does not include a person who is: (A) an owner of the property subject to a possible nontestamentary transfer; or(B) a possible recipient of the property subject to a possible nontestamentary transfer.(1-a) "Employees' trust" means: (A) a trust that forms a part of a stock-bonus, pension, or profit-sharing plan under Section 401, Internal Revenue Code of 1954 (26 U.S.C. Section 401 (1986));(B) a pension trust under Chapter 111, Property Code; and(C) an employer-sponsored benefit plan or program, or any other retirement savings arrangement, including a pension plan created under Section 3, Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1002 (1986)), regardless of whether the plan, program, or arrangement is funded through a trust.(2) "Financial institution" has the meaning assigned by Section 113.001.(3) "Individual retirement account" means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).(4) "Retirement account" means a retirement-annuity contract, an individual retirement account, a simplified employee pension, or any other retirement savings arrangement.(5) "Retirement-annuity contract" means an annuity contract under Section 403, Internal Revenue Code of 1954 (26 U.S.C. Section 403 (1986)).(6) "Simplified employee pension" means a trust, custodial arrangement, or annuity under Section 408, Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 1136,Sec. 9, eff. 1/1/2014.Added by Acts 2009, 81st Leg., R.S., Ch. 680, Sec. 1, eff. 1/1/2014. See Acts 2013, 83rd Leg. - Regular Session, ch. 1136, Sec. 61.