Texas Government Code 845.316 – Transfer of Assets On Retirement
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(a) When a member retires, the retirement system shall transfer from the employees saving fund to the subdivision accumulation fund, the member’s accumulated contributions.
Terms Used In Texas Government Code 845.316
- 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.
(b) When a member retires from a subdivision that has terminated participation with the retirement system under Subchapter A-1, Chapter 842, the retirement system shall transfer the member’s individual account to the closed subdivision annuity reserve fund.
(c) Repealed by Acts 2007, 80th Leg., R.S., Ch. 873, Sec. 92(30), eff. January 1, 2008.