Texas Government Code 815.310 – Trust Fund
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(a) A trust fund for the Employees Retirement System of Texas is established with the comptroller.
(b) All assets of the trust fund shall be credited, according to the purpose for which they are held, to one of the following accounts:
(1) employees saving account;
(2) state accumulation account;
(3) retirement annuity reserve account;
(4) interest account; or
(5) expense account.
Terms Used In Texas Government Code 815.310
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011