Texas Government Code 844.004 – Standard Retirement Annuity
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(a) The standard retirement annuity payable under this subtitle is computed with an allowance for the possible payment of a benefit under Section 844.402 and is the actuarial equivalent of the sum of a member’s:
(1) accumulated contributions;
(2) current service credit;
(3) allocated prior service credit; and
(4) multiple matching credit.
(b) A standard retirement annuity is payable throughout the life of a retiree.
Terms Used In Texas Government Code 844.004
- 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.