By: Haley S.B. No. 756 73R5862 SOS-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to retirement eligibility and benefits for certain members 1-3 of the Teacher Retirement System of Texas. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter C, Chapter 824, Government Code, is 1-6 amended by adding Section 824.2021 to read as follows: 1-7 Sec. 824.2021. TEMPORARY ELIGIBILITY FOR SERVICE RETIREMENT. 1-8 (a) This section applies only to retirements that occur on or 1-9 after January 1, 1994, but before January 1, 1995. 1-10 (b) Notwithstanding Section 824.202, a member is eligible to 1-11 retire and receive a service retirement annuity if: 1-12 (1) the member has at least 20 years of service 1-13 credit; and 1-14 (2) the member is at least 50 years of age. 1-15 (c) The standard service retirement annuity of an eligible 1-16 member under this section is computed under Section 824.203 using 1-17 the amount of the member's service credit plus five years, except 1-18 that: 1-19 (1) the addition to the member's service credit may 1-20 not be used in determining the member's average annual 1-21 compensation; or 1-22 (2) if the addition to the member's service credit 1-23 results in an amount that is more than 50 years, the member's total 1-24 service credit is equal to 50 years. 2-1 (d) An annuity reduced because of age under 2-2 Section 824.202(b), (c), or (d) of an eligible member under this 2-3 section is computed using the amount of the member's service credit 2-4 plus five years and the member's age plus five years. 2-5 (e) An optional service retirement annuity under 2-6 Section 824.204 of an eligible member under this section must be 2-7 actuarially reduced, using the member's age plus five years, from 2-8 the annuity otherwise payable under this chapter. 2-9 (f) The retirement system shall notify each employer that 2-10 has an employee who retires under this section of the retiree's 2-11 name and the amount of the retiree's annual salary in the final 2-12 year of employment. Not later than the 120th day after the date 2-13 the employer receives the notification under this subsection, the 2-14 employer, on a form prescribed by the retirement system, shall 2-15 notify the retirement system of the names of individuals, if any, 2-16 who have been employed to replace the retirees and of the amount of 2-17 the annual salary of those individuals. The employer is not 2-18 required to notify the retirement system of the names or salaries 2-19 of individuals who have been transferred from other positions with 2-20 the employer to replace the retirees. 2-21 (g) If the combined annual salaries of the individuals who 2-22 have been employed to replace the employees of an employer who 2-23 retire under this section is less than the combined annual salaries 2-24 of the employees of the employer who retire under this section in 2-25 their final year of employment, the employer shall reimburse the 2-26 retirement system for the unfunded liability, as determined by the 2-27 actuary of the retirement system and certified by the comptroller, 3-1 incurred by the retirement system that is attributable to the 3-2 employees of the employer who retire under this section. The 3-3 retirement system shall establish the method of reimbursement under 3-4 this subsection to allow amortized reimbursement over a five-year 3-5 period. 3-6 (h) This section expires September 1, 2001. 3-7 SECTION 2. 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.