| 1 | 1 | | 84R8123 SGA-F |
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| 2 | 2 | | By: Fraser S.B. No. 930 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to procedures and eligibility for terminating |
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| 8 | 8 | | participation in the Teacher Retirement System of Texas deferred |
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| 9 | 9 | | retirement option plan. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 824.805, Government Code, is amended by |
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| 12 | 12 | | amending Subsection (b) and adding Subsections (c) and (d) to read |
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| 13 | 13 | | as follows: |
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| 14 | 14 | | (b) This subsection applies only to a member participating |
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| 15 | 15 | | in the plan on September 1, 2005, or to a member whose period of |
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| 16 | 16 | | participation in the plan expired on or before September 1, 2005, |
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| 17 | 17 | | but who has not retired on or before that date. A member described |
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| 18 | 18 | | by this subsection may, before December 31, 2005, revoke the |
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| 19 | 19 | | member's decision to participate in the plan on a form prescribed by |
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| 20 | 20 | | and filed with the retirement system. The retirement system shall |
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| 21 | 21 | | make account transfers and change records for a member who revokes |
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| 22 | 22 | | the member's decision to participate in the plan under this |
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| 23 | 23 | | subsection as if the member had never participated in the plan. |
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| 24 | 24 | | (c) A member or beneficiary described by Subsection (d) may, |
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| 25 | 25 | | on or before December 31, 2015, revoke the member's decision to |
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| 26 | 26 | | participate in the plan on a form prescribed by and received by the |
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| 27 | 27 | | retirement system not later than that date. The retirement system |
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| 28 | 28 | | shall make account transfers and change records for a member whose |
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| 29 | 29 | | decision to participate in the plan is revoked under this |
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| 30 | 30 | | subsection, as if the member had never participated in the plan. |
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| 31 | 31 | | (d) Subsection (c) applies only to: |
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| 32 | 32 | | (1) a member: |
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| 33 | 33 | | (A) whose approved period of participation in the |
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| 34 | 34 | | plan has expired; and |
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| 35 | 35 | | (B) who has not retired on or before December 31, |
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| 36 | 36 | | 2015; or |
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| 37 | 37 | | (2) a beneficiary of a member whose approved period of |
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| 38 | 38 | | participation in the plan has expired and who has not retired before |
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| 39 | 39 | | death if: |
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| 40 | 40 | | (A) the beneficiary is eligible to receive both a |
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| 41 | 41 | | distribution of benefits payable on the death of the member and the |
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| 42 | 42 | | distributions from the plan; and |
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| 43 | 43 | | (B) the member dies on or after September 1, |
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| 44 | 44 | | 2015. |
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| 45 | 45 | | SECTION 2. This Act takes effect September 1, 2015. |
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