Tex.
Gov't Code Section 854.002
Composition of Retirement Annuity
(a)
Each retirement annuity payable under this subtitle consists of a prior service annuity and a current service annuity.(b)
A prior service annuity is actuarially determined from any updated service credit or any prior service, special prior service, or antecedent service credit in effect for a member on the date of retirement, plus accumulated interest.(c)
A current service annuity is actuarially determined on the date of a member’s retirement from the sum of:(1)
the amount credited to the member’s individual account; and(2)
an additional amount from the benefit accumulation fund equal to the amount in the member’s individual account or a greater amount authorized by a participating municipality under Section 855.501 (Increased Current Service Annuities).(d)
Notwithstanding any other provision of this subtitle, instead of an annuity, a person will receive from the retirement system a single payment equal to the sum of the following if on the date of that person’s retirement that sum is $10,000 or less:(1)
any updated service credit or any prior service, special prior service, or antecedent service credit for that person on the date of retirement, plus accumulated interest;(2)
the amount credited to the person’s individual account; and(3)
an additional amount from the benefit accumulation fund equal to the amount in the member’s individual account or a greater amount authorized by a participating municipality under Section 855.501 (Increased Current Service Annuities).
Source:
Section 854.002 — Composition of Retirement Annuity, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.854.htm#854.002 (accessed Jun. 5, 2024).
