Texas Government Code 824.405 – Tables for Determination of Death Benefit Annuity
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Terms Used In Texas Government Code 824.405
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
For the purpose of computing a death benefit annuity under § 824.402(a)(4) or § 824.403, the board of trustees shall extend the tables in § 824.202 to ages earlier than indicated in the tables by actuarially reducing the benefit available under the applicable table to the actuarial equivalent at the attained age of the member.