Bill Text: TX HB159 | 2011-2012 | 82nd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB159 Detail]

Download: Texas-2011-HB159-Introduced.html
  82R348 KFF-D
 
  By: Raymond H.B. No. 159
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the resumption of employment by certain retirees within
  the Texas Municipal Retirement System.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 852.108(h), Government Code, is amended
  to read as follows:
         (h)  The additional service retirement benefit allowable to
  a person to whom this section applies is, at the option of that
  person, either:
               (1)  a refund of accumulated contributions made since
  reemployment plus any accrued interest on the accumulated
  contributions allowed by the retirement system; or
               (2)  a benefit consisting of:
                     (A)  a basic annuity actuarially determined from
  the sum of the member's deposits made and accumulated since the date
  the person last became a member, together with interest accumulated
  on that amount since the person last became a member and, if the
  period between the person's original date of retirement under this
  subtitle and the date the person last became a member is at least
  five years, an amount from the municipality accumulation fund equal
  to the amount of the deposits credited to the member's individual
  account since the person last became a member together with
  interest accumulated on that amount since the person last became a
  member; or
                     (B)  a greater amount authorized by the
  municipality under Section 855.501.
         SECTION 2.  The change in law made by this Act applies only
  to a member of the Texas Municipal Retirement System who terminates
  employment with the person's reemploying municipality on or after
  the effective date of this Act. A member who terminates employment
  with the person's reemploying municipality before the effective
  date of this Act is governed by the law as it existed immediately
  before that date, and the former law is continued in effect for that
  purpose.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution. If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2011.
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