Texas Government Code 801.001 – Definitions
Terms Used In Texas Government Code 801.001
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
In this chapter:
(1) “Board” means the State Pension Review Board.
(1-a) “Governing body of a public retirement system” has the meaning assigned by § 802.001.
(2) “Public retirement system” means a continuing, organized program of service retirement, disability retirement, or death benefits for officers or employees of the state or a political subdivision, or of an agency or instrumentality of the state or a political subdivision, and includes the optional retirement program governed by Chapter 830, but does not include:
(A) a program, other than the optional retirement program, for which benefits are administered by a life insurance company;
(B) a program providing only workers’ compensation benefits;
(C) a program administered by the federal government;
(D) an individual retirement account or individual retirement annuity within the meaning of Section 408, or a retirement bond within the meaning of Section 409, of the Internal Revenue Code of 1986 (26 U.S.C. § 409);
(E) a plan described by Section 401(d) of the Internal Revenue Code of 1986 (26 U.S.C. § 401);
(F) an individual account plan consisting of an annuity contract described by Section 403(b) of the Internal Revenue Code of 1986 (26 U.S.C. § 403); or
(G) an eligible state deferred compensation plan described by Section 457(b) of the Internal Revenue Code of 1986 (26 U.S.C. § 457).
(3) “System administrator” means a person designated by the governing body of a public retirement system to supervise the day-to-day affairs of the public retirement system.
(4) “Trustee” means a member of the governing body of a public retirement system.