Title GV, Government Code

Sec. 840A.051. APPLICATION FOR CASH BALANCE BENEFIT. (a) A member may apply for a cash balance annuity by filing an application for retirement with the board of trustees. (b) An application for a cash balance annuity may not be made: (1) after the date the member wishes to retire…

Sec. 840A.052. ELIGIBILITY FOR CASH BALANCE BENEFIT. 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…

Sec. 840A.053. STANDARD CASH BALANCE BENEFITS FOR MEMBERS. (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 annui…

Sec. 840A.054. OPTIONAL CASH BALANCE BENEFITS. (a) Instead of the standard cash balance annuity payable under Section 840A.053, a retiring member may elect to receive an optional cash balance annuity under this section. (b) A person who selects an optional lifetime cash balance a…

Sec. 840A.055. CHANGE IN OPTIONAL CASH BALANCE ANNUITY SELECTION. (a) A person who retired and selected an optional cash balance annuity described by Section 840A.054(c)(1), (2), or (5) may change the optional annuity to a standard cash balance annuity only if: (1) pursuant to a …

Sec. 840A.056. PARTIAL LUMP-SUM CASH BALANCE OPTION. (a) A member who is eligible for a cash balance annuity may select a standard cash balance annuity under Section 840A.053 or an optional cash balance annuity under Section 840A.054, together with a partial lump-sum distribution…

Sec. 840A.057. DEATH AND DISABILITY BENEFITS. (a) Notwithstanding any other law, a member subject to this chapter, a retiree receiving a cash balance annuity under this chapter, or the beneficiary of a member or retiree described by this subsection, who qualifies for a death or s…

Sec. 840A.101. COLLECTION OF MEMBER CONTRIBUTIONS. Each payroll period, each department or agency of the state shall cause to be deducted from the compensation of a member subject to this chapter a contribution of six percent of the compensation of the member. Added by Acts 2023,…

Sec. 840A.102. STATE CONTRIBUTIONS FOR MILITARY SERVICE. (a) The state shall contribute for military service established under Section 838.1031 an amount in the same ratio to the member's contribution for the service as the state's contribution bears to the contribution for curre…

Sec. 840A.103. ANNUAL INTEREST ADJUSTMENT. Each fiscal year, the retirement system shall deposit for a member subject to this chapter an amount equal to four percent of the member's accumulated account balance deposited into the member's individual account in the retirement syste…

Sec. 840A.104. GAIN SHARING INTEREST ADJUSTMENT. (a) Each fiscal year and subject to Subsection (b), the retirement system shall compute the gain sharing interest rate by: (1) determining the average return on the investment of the system's cash and securities during the precedin…