Texas Government Code 840A.052 – Eligibility for Cash Balance Benefit
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Terms Used In Texas Government Code 840A.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 is eligible to retire and receive a cash balance annuity if the member:
(1) is at least 60 years old and has at least eight years of service credited in the retirement system; or
(2) is at least 50 years old and has at least 12 years of service credited in the retirement system.