Texas § GV.840.306 - INTEREST RATE
Full text of Texas The Texas Constitution § GV.840.306 — INTEREST RATE, with citation guidance and answers to common questions.
§ GV.840.306. INTEREST RATE
INTEREST RATE. (a) Except as provided by Section 840A.103 or 840A.104 , interest on money in a member's individual account in the retirement system is earned monthly and is computed at the rate of five percent a year on the mean balance of the member's account for the fiscal year. (b) Unless an account is closed before the last day of the fiscal year, interest is computed for the fiscal year and is credited to the member's account as of the last day of the fiscal year. (c) If an account is closed before the last day of the fiscal year, interest is computed for the following period: (1) if the account is closed because of death, from the first day of the fiscal year through the last day of the month that preceded the month in which the member's death occurred; (2) if the account is closed by withdrawal of accumulated contributions, from the first day of the fiscal year through the last day of the month that precedes the month in which the withdrawal request is validated by the retirement system; or (3) if the account is closed because of retirement, from the first day of the fiscal year through the effective date of retirement. Added by Acts 1985, 69th Leg., ch. 602, Sec. 1, Sept. 1, 1985. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 75.306 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by: Acts 2023, 88th Leg., R.S., Ch. 1092 (S.B. 1245 ), Sec. 14, eff. June 18, 2023. SUBCHAPTER E. MISCELLANEOUS ADMINISTRATIVE PROCEDURES
Frequently Asked Questions About Texas § GV.840.306
What does The Texas Constitution § GV.840.306 cover?
Section GV.840.306 ("INTEREST RATE") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.840.306?
A common citation format is "The Texas Constitution § GV.840.306" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.840.306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.