Sec. 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.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 223, ch. 18, Sec. 80, eff. Jan. 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. Sept. 1, 1989.  Amended by Acts 1999, 76th Leg., ch. 83, Sec. 5, eff. Dec. 31, 1999;  Acts 2001, 77th Leg., ch. 121, Sec. 9, eff. Jan. 1, 2002.
Amended by: 
Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 12, eff. June 17, 2011.