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AN ACT
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relating to procedures and eligibility for terminating |
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participation in the Teacher Retirement System of Texas deferred |
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retirement option plan. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 824.805, Government Code, is amended by |
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amending Subsection (b) and adding Subsections (c) and (d) to read |
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as follows: |
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(b) This subsection applies only to a member participating |
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in the plan on September 1, 2005, or to a member whose period of |
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participation in the plan expired on or before September 1, 2005, |
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but who has not retired on or before that date. A member described |
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by this subsection may, before December 31, 2005, revoke the |
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member's decision to participate in the plan on a form prescribed by |
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and filed with the retirement system. The retirement system shall |
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make account transfers and change records for a member who revokes |
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the member's decision to participate in the plan under this |
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subsection as if the member had never participated in the plan. |
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(c) A member or beneficiary described by Subsection (d) may, |
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on or before December 31, 2015, revoke the member's decision to |
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participate in the plan on a form prescribed by and received by the |
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retirement system not later than that date. The retirement system |
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shall make account transfers and change records for a member whose |
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decision to participate in the plan is revoked under this |
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subsection, as if the member had never participated in the plan. |
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(d) Subsection (c) applies only to: |
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(1) a member: |
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(A) whose approved period of participation in the |
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plan has expired; and |
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(B) who has not retired on or before December 31, |
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2015; or |
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(2) a beneficiary of a member whose approved period of |
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participation in the plan has expired and who has not retired before |
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death if: |
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(A) the beneficiary is eligible to receive both a |
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distribution of benefits payable on the death of the member and the |
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distributions from the plan; and |
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(B) the member dies on or after September 1, |
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2015. |
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SECTION 2. This Act takes effect September 1, 2015. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1937 was passed by the House on April |
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23, 2015, by the following vote: Yeas 139, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1937 was passed by the Senate on May |
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15, 2015, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |