Texas Government Code 864.014 – State Board Authority for Lump-Sum Payments
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Government Code 864.014
- 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.
- Rule: includes regulation. See Texas Government Code 311.005
In lieu of any annuity otherwise payable under this subtitle, the state board by rule may provide for a lump-sum payment if the board determines that a lump-sum payment is cost-efficient or is necessary for the pension system to remain actuarially sound.