Texas Government Code 840A.053 – Standard Cash Balance Benefits for Members
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(a) The state match for the cash balance benefit is an amount computed by multiplying the member’s accumulated account balance by 150 percent.
(b) The retirement system shall compute a member’s standard cash balance annuity under this section by taking the sum of the member’s accumulated account balance and the state match computed under Subsection (a) and annuitizing that amount over the life expectancy of the member as of the effective date of the member’s retirement using mortality and other tables adopted by the board of trustees for that purpose under § 840.005.
Terms Used In Texas Government Code 840A.053
- 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.