HBA-SEB H.B. 2152 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 2152 By: King, Phil Pensions and Investments 3/23/1999 Introduced BACKGROUND AND PURPOSE The Texas County and District Retirement System (TCDRS) is the statewide system that administers retirement, disability, and death benefits for employees of counties and districts that elect to participate in TCDRS. Some participants in TCDRS have financial needs that may be alleviated by having a lump-sum of money distributed to the participant upon retirement. H.B. 2152 allows for a partial-lump sum distribution option for an employee who is eligible for service retirement. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Subchapter A, Chapter 844, Government Code, by adding Section 844.009, as follows: Sec. 844.009. PARTIAL LUMP-SUM DISTRIBUTION ON RETIREMENT. Authorizes a member of the Texas County and District Retirement System (TCDRS) who terminates employment with all participating subdivisions to apply for a partial-lump sum distribution. Prohibits the amount of the lump-sum distribution from exceeding one-half of the total contributions and accumulated interest in the member's individual account in the employees saving fund at the time of the member's retirement. Provides that the lump-sum distribution will be made as a single payment, payable at the same time as the first monthly annuity payment that is paid to the member. Establishes that the amount of the lump-sum distribution will be deducted from the sum used in computing the member's current service annuity. Specifies that if payment is made under Section 844.402 (Excess Contributions of Service Retirement), the amount of the lump-sum distribution will be considered to be included in the payments made by reason of the annuity. SECTION 2. Effective date: September 1, 1999. SECTION 3. Emergency clause.