Texas Government Code 814.105 – Service Retirement Benefits for Employee Class Service
Current as of: 2024 | Check for updates
|
Other versions
(a) The standard service retirement annuity for service credited in the employee class of membership is an amount computed as the member’s average monthly compensation for service in that class for the 60 highest months of compensation multiplied by 2.3 percent for each year of service credit in that class.
(b) The standard service retirement annuity for service credited in the employee class may not be less than $150 a month nor more than 100 percent of the average monthly compensation computed under Subsection (a).
Terms Used In Texas Government Code 814.105
- 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.
- Month: means a calendar month. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 618, Sec. 26(a)(5), eff. September 1, 2013.
(d) The standard service retirement annuity computed under this section is reduced by five percent for each year the member retires before the member reaches age 62.