Section 854.002 - Composition of Retirement Annuity(a) Each retirement annuity payable under this subtitle consists of a prior service annuity and a current service annuity.(b) A prior service annuity is actuarially determined from any updated service credit or any prior service, special prior service, or antecedent service credit in effect for a member on the date of retirement, plus accumulated interest.(c) A current service annuity is actuarially determined on the date of a member's retirement from the sum of: (1) the amount credited to the member's individual account; and(2) an additional amount from the benefit accumulation fund equal to the amount in the member's individual account or a greater amount authorized by a participating municipality under Section 855.501.(d) Notwithstanding any other provision of this subtitle, instead of an annuity, a person will receive from the retirement system a single payment equal to the sum of the following if on the date of that person's retirement that sum is $10,000 or less: (1) any updated service credit or any prior service, special prior service, or antecedent service credit for that person on the date of retirement, plus accumulated interest;(2) the amount credited to the person's individual account; and(3) an additional amount from the benefit accumulation fund equal to the amount in the member's individual account or a greater amount authorized by a participating municipality under Section 855.501.Tex. Gov't. Code § 854.002
Amended By Acts 2011, 82nd Leg., R.S., Ch. 1208, Sec. 12, eff. 6/17/2011.Amended by Acts 1999, 76th Leg., ch. 83, Sec. 5, eff. 12/31/1999; Acts 2001, 77th Leg., ch. 121, Sec. 9, eff. 1/1/2002.Amended by Acts 1981, 67th Leg., 1st C.S., p. 223, ch. 18, Sec. 80, eff. 1/1/1982. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 64.002 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. 9/1/1989. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. 9/1/1981.