Texas Government Code 854.103 – Standard Service Retirement Annuity
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(a) The standard service retirement annuity payable under this subtitle is the sum of a member’s prior service annuity and current service annuity.
(b) A standard service retirement annuity is payable throughout the life of a retiree.
Terms Used In Texas Government Code 854.103
- 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.