By: Darby (Senate Sponsor - Fraser) H.B. No. 1937
(In the Senate - Received from the House April 27, 2015;
April 28, 2015, read first time and referred to Committee on State
Affairs; May 8, 2015, reported favorably by the following vote:
Yeas 8, Nays 0; May 8, 2015, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to procedures and eligibility for terminating
participation in the Teacher Retirement System of Texas deferred
retirement option plan.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 824.805, Government Code, is amended by
amending Subsection (b) and adding Subsections (c) and (d) to read
as follows:
(b) This subsection applies only to a member participating
in the plan on September 1, 2005, or to a member whose period of
participation in the plan expired on or before September 1, 2005,
but who has not retired on or before that date. A member described
by this subsection may, before December 31, 2005, revoke the
member's decision to participate in the plan on a form prescribed by
and filed with the retirement system. The retirement system shall
make account transfers and change records for a member who revokes
the member's decision to participate in the plan under this
subsection as if the member had never participated in the plan.
(c) A member or beneficiary described by Subsection (d) may,
on or before December 31, 2015, revoke the member's decision to
participate in the plan on a form prescribed by and received by the
retirement system not later than that date. The retirement system
shall make account transfers and change records for a member whose
decision to participate in the plan is revoked under this
subsection, as if the member had never participated in the plan.
(d) Subsection (c) applies only to:
(1) a member:
(A) whose approved period of participation in the
plan has expired; and
(B) who has not retired on or before December 31,
2015; or
(2) a beneficiary of a member whose approved period of
participation in the plan has expired and who has not retired before
death if:
(A) the beneficiary is eligible to receive both a
distribution of benefits payable on the death of the member and the
distributions from the plan; and
(B) the member dies on or after September 1,
2015.
SECTION 2. This Act takes effect September 1, 2015.
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