Texas Government Code 815.318 – Transfer of Assets From Interest Account
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(a) The retirement system shall transfer from the interest account to the employees saving account amounts of interest computed under § 815.311 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.
Terms Used In Texas Government Code 815.318
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(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.