Texas Government Code 824.806 – Benefits for Service After Plan Participation
(a) Any eligible service credit accrued after termination of participation in the plan and before retirement shall be credited in the retirement system.
(b) At the time a member retires or dies, the retirement system shall compute the value of the additional service credit at the rate provided under § 824.203, based on the lesser of the three years of service after the member’s termination of plan participation, or the member’s actual years of service after the termination, in which the member received the highest annual compensation. The retirement system shall add the amount computed under this subsection to the amount determined on the effective date of plan participation, and the sum is payable, subject to actuarial reduction if applicable, as the monthly annuity payment.
Terms Used In Texas Government Code 824.806
- 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.