In lieu of any annuity otherwise payable under this subtitle, the state board by rule may provide for a lump-sum payment if the board determines that a lump-sum payment is cost-efficient or is necessary for the pension system to remain actuarially sound.
Tex. Gov't Code § 864.014
STATE BOARD AUTHORITY FOR LUMP-SUM PAYMENTS
Added by Acts 2005, 79th Leg., Ch. 803 (S.B. 522), Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.