Texas Administrative Code
Title 34 - PUBLIC FINANCE
Part 5 - TEXAS COUNTY AND DISTRICT RETIREMENT SYSTEM
Chapter 111 - TERMINATION OF PARTICIPATION: SUBDIVISIONS
Section 111.2 - Definitions
Current through Reg. 49, No. 12; March 22, 2024
For purposes of this chapter only:
(1) The term "accrued benefit" means the actuarial equivalent value of the sum of the member's accumulated contributions and service credits as of the determination date without regard to credited service.
(2) The term "actuarial equivalent value" is the accrued benefit for members, and the actuarial equivalent, as described in § 841.001(1), Government Code, of the supplemental annuity as of the determination date.
(3) The term "determination date" means the date specified in the termination agreement under § 842.052(a)(1), Government Code, or the date specified by the board under § 842.053(d), Government Code, as applicable, for determining the actuarial equivalent values of all accrued benefits and supplemental annuities.
(4) The term "full performance" means the complete and timely performance of all terms of the termination agreement, as originally agreed to by the subdivision or as thereafter modified or amended in writing by the subdivision and TCDRS. On full performance of the termination agreement, the subdivision is released from all future liability for the accrued benefits and supplemental annuities payable with respect to the subdivision under the retirement system.
(5) The term "supplemental annuity" means the annuity described in § 844.002(c), Government Code. In determining the actuarial equivalent value of a supplement annuity as of the determination date, the retirement system may take into consideration facts in existence on the determination date such as the prior death of a retiree or joint annuitant.
