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Texas Government Code - GOV'T § 844.002. Composition of Retirement Annuity

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

(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.

(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.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 844.002. Composition of Retirement Annuity - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-844-002/

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