Texas Government Code 844.002 – Composition of Retirement Annuity
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(a) Each retirement annuity payable under this subtitle consists of a basic annuity and a supplemental annuity.
(b) A basic annuity is an amount payable from the subdivision accumulation fund and is actuarially determined from the sum of a member’s:
(1) accumulated contributions; and
(2) current service credit.
Terms Used In Texas Government Code 844.002
- 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) A supplemental annuity is an amount payable from the subdivision accumulation fund, subject to limitation under Section 844.008, and is actuarially determined from the sum of:
(1) a member’s allocated prior service credit; and
(2) a member’s multiple matching credit.
(d) Any increase in the annuity granted by a participating subdivision is payable from the subdivision accumulation fund as part of the supplemental annuity.
(e) A separate retirement annuity is payable with respect to each subdivision from which a person retires under this subtitle or is considered to have retired.