Bill Text: TX HB4622 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to alternative contributions to the Employee Retirement System of Texas.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-03-26 - Referred to Pensions, Investments & Financial Services [HB4622 Detail]
Download: Texas-2019-HB4622-Introduced.html
| By: Guillen | H.B. No. 4622 | |
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| relating to alternative contributions to the Employee Retirement | ||
| System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 813, Government Code, is | ||
| amended by adding Section 813.105 to read as follows: | ||
| Sec. 813.105. ALTERNATIVE CONTRIBUTION METHODS TO | ||
| ESTABLISH OR REESTABLISH SERVICE CREDIT. (a) The board of trustees | ||
| shall adopt rules to provide procedures to establish or reestablish | ||
| credit in the retirement system for an eligible retired member to | ||
| make contributions to the retired member's individual account for | ||
| the purposes of: | ||
| (1) designating funds for contributions to the | ||
| member's individual account as an employee or employer; | ||
| (2) supplementing contributions made by a member prior | ||
| to retirement; | ||
| (3) reconsideration of the calculation of the 36 | ||
| highest months of pay; and | ||
| (4) | ||
| reconsideration of the calculation of the retired | ||
| member's monthly retirement annuity. | ||
| (b) This section only applies to an eligible retired member | ||
| if they have an agreement with the State of Texas to establish or | ||
| reestablish credit prior to January 1st of 2019. | ||
| (c) The board of trustees shall adopt rules to administer | ||
| this section, including rules that impose restrictions on the | ||
| application of this section as necessary to cost-effectively | ||
| administer this section. | ||
| SECTION 2. This Act takes effect September 1, 2019. | ||
