Bill Text: TX SB930 | 2015-2016 | 84th Legislature | Introduced

Texas Senate Bill 930 (Prior Session Legislation)

Introduced

Bill Title: Relating to procedures and eligibility for terminating participation in the Teacher Retirement System of Texas deferred retirement option plan.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-03-09 - Referred to State Affairs [SB930 Detail]

Download: Texas-2015-SB930-Introduced.html

	84R8123 SGA-F

	By: Fraser	S.B. No. 930



	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.