By: Brown S.B. No. 437 A BILL TO BE ENTITLED AN ACT 1-1 relating to retirement eligibility and benefits for certain members 1-2 of the Teacher Retirement System of Texas. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Subchapter C, Chapter 824, Government Code, is 1-5 amended by adding Section 824.2021 to read as follows: 1-6 Sec. 824.2021. TEMPORARY ELIGIBILITY FOR SERVICE RETIREMENT. 1-7 (a) A member is eligible to retire and receive a service 1-8 retirement annuity if the member's age increased by five years and 1-9 the member's service credit increased by five years would entitle 1-10 the member to retire under Section 824.202, except that a member 1-11 must have actual membership service credit of at least 10 years in 1-12 order to retire and receive a service retirement annuity under this 1-13 section. 1-14 (b) Except as provided by this subsection, the computation 1-15 of a service retirement annuity for a member who retires while this 1-16 section is in effect shall be made in the manner provided by this 1-17 subchapter or other standard or optional service retirement 1-18 annuities, as applicable. The member's standard service retirement 1-19 annuity shall be computed under Section 824.203 on the basis of the 1-20 amount of the member's actual service credit plus five years, 1-21 except that the addition to the member's service credit may not be 1-22 used in determining the member's average annual compensation and 1-23 the total service credit used in the computation may not exceed 50 2-1 years. Annuity reductions under Section 824.202(b), (c), or (d) 2-2 shall be applied and computed as if the retiring member were five 2-3 years older than the member's actual age and had service credit of 2-4 five years more than the amount for which the member actually has 2-5 credit in the retirement system. An optional annuity selected 2-6 under Section 824.204 shall be actuarially reduced, using the 2-7 retiring member's actual age, from the annuity computed as provided 2-8 by this subsection. 2-9 (c) This section does not apply in determining eligibility 2-10 for or the amount of disability retirement or death benefit options 2-11 authorized by this subtitle. 2-12 (d) A member eligible for an unreduced standard service 2-13 retirement annuity under this section shall not be eligible for 2-14 disability retirement. 2-15 (e) Actuarial tables adopted by the board of trustees for 2-16 determining the reserves necessary to pay benefits for members 2-17 retiring under this section shall be applied based on the retiring 2-18 member's actual age. 2-19 (f) This section applies to retirements occurring on or 2-20 after May 31, 1994, and expires August 31, 1994. 2-21 SECTION 2. Should the board of trustees of the Teacher 2-22 Retirement System of Texas determine that, in order to administer 2-23 the provisions of Section 824.2021, Government Code, as added by 2-24 this Act, overtime work is required of the retirement system's 2-25 employees who are exempt from the overtime provisions of the Fair 3-1 Labor Standards Act of 1938 (29 U.S.C. Section 201 et seq.), the 3-2 board of trustees may authorize the payment of overtime pay to 3-3 these employees or permit employees to carry the compensatory time 3-4 earned by such overtime work for such period of time as may be 3-5 determined by the board of trustees. 3-6 SECTION 3. This Act takes effect September 1, 1993. 3-7 SECTION 4. The importance of this legislation and the 3-8 crowded condition of the calendars in both houses create an 3-9 emergency and an imperative public necessity that the 3-10 constitutional rule requiring bills to be read on three several 3-11 days in each house be suspended, and this rule is hereby suspended.