Texas Government Code 815.319 – Transfer of Assets On Retirement and Restoration to Active Service
(a) When a member retires, the retirement system shall transfer:
(1) from the employees saving account to the retirement annuity reserve account, an amount equal to the member’s accumulated contributions; and
(2) from the state accumulation account to the retirement annuity reserve account, an amount equal to the difference between the total reserve at present worth reserve value of the member’s retirement annuity and the amount credited to the member’s individual account as of the day of retirement.
(b) If a person who receives disability benefits has those benefits terminated under § 814.210, the retirement system shall transfer the balance of the person’s retirement reserve from the retirement annuity reserve account to the employees saving account and to the state accumulation account in proportion to the original amount transferred to the retirement annuity reserve account from those accounts.
Terms Used In Texas Government Code 815.319
- 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.
- 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