Texas Government Code 843.002 – Benefit Eligibility and Amount
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Terms Used In Texas Government Code 843.002
- 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’s eligibility to receive a benefit is based on the member’s amount of credited service and attained age on the effective date of retirement. The monthly amount of a standard retirement annuity is based on the sum of the member’s service credit and accumulated contributions and is computed using the member’s attained age and the actuarial assumptions described by Section 841.001(1).