Enrolled Bill Summary

            Senate Bill 523 amends the law governing the Texas County and District Retirement System. The bill broadens provisions permitting multiple retirement system membership, creates a benefit eligibility option authorizing retirement at any age after 20 years of service, authorizes retirement from one employer while continuing employment with another, and removes the forfeiture of annuity payments during a retiree's reemployment by the same employer. The bill also increases the lump-sum retiree supplemental death benefit from $2,500 to $5,000, allows employers to correct service errors more than four years old, creates an exemption from the late-reporting penalty, and makes other administrative changes.

            Senate Bill 523 takes effect December 31, 2001, except for provisions relating to the correction of errors and penalties for late reporting, which take effect September 1, 2001.