Enrolled Bill Summary

            Senate Bill 273 amends provisions relating to the Teacher Retirement System of Texas to authorize a member to purchase up to three years of extra service credit if the member has at least seven years of membership service credit and to increase the standard service retirement benefit multiplier from 2.2 to 2.3 percent for each year of service credit. The bill also increases the minimum monthly benefits available to survivors, authorizes retirees employed as bus drivers to avoid suspension of their annuities, authorizes the board of trustees of a school district to determine an acute shortage area for which retired teachers may be hired without an annuity suspension, and shortens the period for remittance of employer and member deposits and insurance premiums by school districts to the system. The bill requires the system to offer annuity and investment products that meet federal tax requirements to school district employees and provides an annuity increase to retirees of 6 percent plus 4.5 percent.

            Senate Bill 273 takes effect September 1, 2001, except that provisions relating to bus drivers and the determination of acute shortage areas take effect June 15, 2001, certain provisions relating to annuity and investment products for school district employees take effect June 1, 2002, and certain other provisions relating to annuity and investment products or to the remittance of deposits take effect September 1, 2002.