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By: Casteel H.B. No. 44
A BILL TO BE ENTITLED
AN ACT
relating to enhanced retirement benefits for certain members of the
Teacher Retirement System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. It is the intent of the legislature by passage of
this Act to provide an optional, enhanced retirement benefit to a
member of the Teacher Retirement System of Texas whose age and
amount of service credit equals at least 90. This Act is not
intended to replace or amend a member's eligibility to retire with
benefits according to the existing rule of 80 under Section
824.202, Government Code.
SECTION 2. Subchapter C, Chapter 824, Government Code, is
amended by adding Section 824.2032 to read as follows:
Sec. 824.2032. ENHANCED BENEFIT. (a) Notwithstanding
Sections 824.202 and 824.203, a member is eligible to retire and
receive an enhanced service retirement annuity if the sum of the
member's age and amount of service credit in the retirement system
equals at least the number 90.
(b) The enhanced service retirement annuity for a member who
retires under Subsection (a) is an amount computed on the basis of
the member's average annual compensation for the three years of
service, whether or not consecutive, in which the member received
the highest annual compensation, times 2.5 percent for each year of
service credit in the retirement system.
SECTION 3. Section 824.2032, Government Code, as added by
this Act, applies only to a member of the Teacher Retirement System
of Texas who retires on or after the effective date of this Act.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2006.