Even then, such distributions are subject to any restrictions on fixed investment account accumulations. No refunds are provided for members who joined after July 1, 1981. The amount of income payable at retirement is based on the value of the accumulation and on the person's age. The ORP offers both fixed and variable annuities. The fixed annuities have a smaller variance in retirement income.
Variable annuities carry greater risk and growth potential for retirement income.
TCRS is a defined benefit plan. Instead, there may be variances in annuity income as stated in the preceding item. Adjustments in income to reflect increases or decreases in the CPI may be made. The value of the total accumulation is payable to the named beneficiary or estate. If the value of the accumulation is sufficiently large, the beneficiary may have other options, including annuity payments.