Texas Government Code 815.313 – Retirement Annuity Reserve Account
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(a) The retirement system shall transfer to the retirement annuity reserve account money as required by § 815.318, 815.319, or 815.321.
(b) The retirement system shall use the money in the account to pay annuities as provided by this subtitle.
Terms Used In Texas Government Code 815.313
- 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.