Texas Government Code 820.052 – Eligibility for Cash Balance Benefit
Terms Used In Texas Government Code 820.052
- 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.
A member:
(1) who has service credit in the employee class of membership is eligible to retire and receive a cash balance annuity if the member:
(A) is at least 65 years old and has five years of service credit in that class; or
(B) has at least five years of service credit in that class and the sum of the member’s age and amount of service credit in that class, including months of age and credit, equals or exceeds the number 80;
(2) who:
(A) has at least 20 years of service credit as a law enforcement or custodial officer is eligible to retire regardless of age and receive a cash balance annuity in an amount computed and funded as provided by this subchapter; or
(B) is at least 55 years old and has at least 10 years of service credit as a law enforcement or custodial officer is eligible to retire and receive a cash balance annuity in an amount computed and funded as provided by this subchapter, provided that the member is only entitled to the enhanced benefit described by § 820.053(a)(2)(B) if the member has at least 20 years of service as a law enforcement or custodial officer; or
(3) who has service credit in the elected class of membership is eligible to retire and receive a cash balance annuity if the member:
(A) is at least 60 years old and has eight years of service credit in that class; or
(B) is at least 50 years old and has 12 years of service credit in that class.