Texas Government Code 845.305 – Crediting System Assets
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(a) The retirement system shall deposit all receipts with a depository designated under § 845.109 or a custodian designated under § 845.302.
(b) All assets of the pension trust of the retirement system shall be credited according to the purpose for which they are held to one of the following funds:
(1) employees saving fund;
(2) subdivision accumulation fund;
(3) closed subdivision annuity reserve fund;
(4) income fund;
(5) endowment fund; or
(6) expense fund.
Terms Used In Texas Government Code 845.305
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(c) Amounts contributed by a subdivision to provide benefits under the optional group term life program for its participating employees and retirees shall be deposited to the optional group term life fund and maintained by the board of trustees as the optional group term life trust.