TX HB4534

Authorizes governing bodies of public retirement systems to establish lump-sum death benefits up to $1,000,000 for peace officers and firefighters who die as the direct result of a single-event injury sustained while performing their duties

Death benefits are payable first to the surviving spouse, then to surviving children (split equally if multiple children), or to the member's estate if no spouse or children survive

Requires retirement systems to consult with an actuary before paying benefits and prohibits payment if it would threaten the actuarial soundness of the system

Requires systems adopting the benefit to revise plan documents to maintain qualified plan status under Section 401(a) of the Internal Revenue Code

Applies only to deaths occurring on or after the effective date; takes effect immediately with two-thirds vote or September 1, 2025