Bill Text: TX SB930 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to procedures and eligibility for terminating participation in the Teacher Retirement System of Texas deferred retirement option plan.
Spectrum: Partisan Bill (Republican 1-0)
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 |
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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. |