Texas Government Code 830.105 – Termination of Participation
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(a) A person terminates participation in the optional retirement program, without losing any accrued benefits, by:
(1) death;
(2) retirement; or
(3) termination of employment in all institutions of higher education.
(b) A change of company providing optional retirement program benefits or a participant’s transfer between institutions of higher education is not a termination of employment.
Terms Used In Texas Government Code 830.105
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) The benefits of an annuity purchased under the optional retirement program are available only if the participant obtains the age of 70-1/2 years or terminates participation in the program as provided by Subsection (a).