Tex.
Gov't Code Section 815.318
Transfer of Assets from Interest Account
(a)
The retirement system shall transfer from the interest account to the employees saving account amounts of interest computed under Section 815.311 (Employees Saving Account) at the following times:(1)
as required during the fiscal year for a member’s account in the retirement system that is closed before the last day of the fiscal year; and(2)
as of the last day of the fiscal year for a member’s account that is not closed before the last day of the fiscal year.(b)
As required during the year, the retirement system shall transfer from the interest account to the expense account amounts it determines necessary for the payment of the retirement system’s expenses that exceed the amount of money available for those expenses.(c)
As of the last day of each fiscal year, the retirement system shall transfer from the interest account to the retirement annuity reserve account an amount equal to:(1)
five percent of the mean amount in the retirement annuity reserve account for that fiscal year; or(2)
an amount computed at a greater rate if the actuary recommends the greater rate to finance adequately the annuities payable from the retirement annuity reserve account.(d)
After making the transfers required by this section, the retirement system, as of the last day of each fiscal year, shall transfer the amount remaining in the interest account to the state accumulation account.
Source:
Section 815.318 — Transfer of Assets from Interest Account, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.815.htm#815.318 (accessed Jun. 5, 2024).
