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A BILL TO BE ENTITLED
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AN ACT
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relating to alternative contributions to the Employee Retirement |
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System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 813, Government Code, is |
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amended by adding Section 813.105 to read as follows: |
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Sec. 813.105. ALTERNATIVE CONTRIBUTION METHODS TO |
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ESTABLISH OR REESTABLISH SERVICE CREDIT. (a) The board of trustees |
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shall adopt rules to provide procedures to establish or reestablish |
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credit in the retirement system for an eligible retired member to |
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make contributions to the retired member's individual account for |
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the purposes of: |
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(1) designating funds for contributions to the |
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member's individual account as an employee or employer; |
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(2) supplementing contributions made by a member prior |
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to retirement; |
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(3) reconsideration of the calculation of the 36 |
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highest months of pay; and |
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(4) |
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reconsideration of the calculation of the retired |
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member's monthly retirement annuity. |
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(b) This section only applies to an eligible retired member |
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if they have an agreement with the State of Texas to establish or |
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reestablish credit prior to January 1st of 2019. |
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(c) The board of trustees shall adopt rules to administer |
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this section, including rules that impose restrictions on the |
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application of this section as necessary to cost-effectively |
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administer this section. |
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SECTION 2. This Act takes effect September 1, 2019. |