Section 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 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 Section 840.005.Tex. Gov't. Code § 840A.053
Added by Acts 2023, Texas Acts of the 88th Leg.- Regular Session, ch. 1092,Sec. 16, eff. 6/18/2023.