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Texas Government Code - GOV'T § 820.053. Cash Balance Benefits for Members

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The state match for the cash balance benefit for:

(1) service credited to the employee class of membership is an amount computed by multiplying the member's accumulated account balance by 150 percent;

(2) service credited to the employee class of membership by a member eligible to retire under this chapter as a law enforcement or custodial officer is an amount computed by multiplying the member's accumulated account balance by:

(A) except as provided by Paragraph (B), 150 percent;  and

(B) for the portion of the accumulated account balance based on the member's additional two percent contribution under Section 820.101(b), including interest, attributable to service as a law enforcement or custodial officer, 300 percent, paid from the law enforcement and custodial officer supplemental retirement fund;  and

(3) subject to Subsection (c), service credited to the elected class of membership is an amount computed by multiplying the member's accumulated account balance by 150 percent.

(b) The retirement system shall compute a member's cash balance annuity under this section by taking the sum of the member's accumulated account balance and the state match computed under Subsection (a) and annuitizing that amount over the life expectancy of the member as of the effective date of the member's retirement using mortality and other tables adopted by the board for that purpose under Section 815.105.

(c) For purposes of this section, a member of the elected class of membership under Section 812.002(a)(2) shall have the member's accumulated account balance computed as if the contributions to the account were based on the dollar amount on which the standard service retirement annuity is based under Section 814.103(a), subject to adjustment under Section 814.103(a-2).

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 820.053. Cash Balance Benefits for Members - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-820-053/

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