Bill Text: TX HB4653 | 2023-2024 | 88th Legislature | Engrossed

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Bill Title: Relating to participation in a deferred retirement option plan by members of the retirement systems for police and fire fighters in certain municipalities.

Spectrum: Moderate Partisan Bill (Democrat 10-3)

Status: (Engrossed - Dead) 2023-05-09 - Referred to Finance [HB4653 Detail]

Download: Texas-2023-HB4653-Engrossed.html

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88R22249 KFF-D
By: Anchía, Rose, Frazier, H.B. No. 4653
González of Dallas, Meyer, et al.

A BILL TO BE ENTITLED
AN ACT
relating to participation in a deferred retirement option plan by
members of the retirement systems for police and fire fighters in
certain municipalities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 6.14(c), Article 6243a-1, Revised
Statutes, is amended to read as follows:
(c) Each month after a member has made an election to
participate in the DROP and indicated a desire to receive a
retirement pension under Sections 6.01(b) and (c), Section 6.01(e),
or Section 6.02(b), (c), (d), or (e) of this article, whichever is
applicable, and through the month before the month in which the
member leaves active service, an amount equal to the retirement
pension the member would have received under the applicable
subsection for that month if the member had left active service and
been granted a retirement pension by the board on the effective date
of DROP participation shall be credited to a separate DROP account
maintained within the fund for the benefit of the member. Amounts
held in the DROP account of a member shall be credited at the end of
each calendar month. Notwithstanding this section, effective
January 1, 2018, a member on active service who has 20 [10] years or
more of participation in DROP shall no longer have the amount of the
member's retirement pension credited to the member's DROP account
while the member is on active service.
SECTION 2. (a) Subsection to Subsection (b) of this
section, Section 6.14(c), Article 6243a-1, Revised Statutes, as
amended by this Act, applies to a member who participates in the
deferred retirement option plan established under that section
regardless of whether the member began participation in the plan
before, on, or after the effective date of this Act.
(b) A member described by Subsection (a) of this section
whose retirement pension ceased being credited to the member's
deferred retirement option plan account on or after January 1,
2018, under Section 6.14(c), Article 6243a-1, Revised Statutes, as
that section existed immediately before the effective date of this
Act, is not entitled to have amounts credited to the member's
account for the period beginning on the date the member's
retirement pension ceased being credited and ending on August 31,
2023.
SECTION 3. This Act takes effect September 1, 2023.