|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to retirement under public retirement systems for |
|
employees of certain municipalities. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 2(32), (33), Chapter 834, Acts of the |
|
76th Legislature, Regular Session, 1999 (Article 6243n, Vernon's |
|
Texas Civil Statutes) are amended to read as follows: |
|
(32) "Normal retirement age" means: |
|
(A) age 62; [or] |
|
(B) 55 years of age with 20 years of creditable |
|
service; or |
|
(C) 23 years of creditable service, regardless of |
|
years of age. |
|
(33) "Normal retirement date" means the earlier of the |
|
date a member attains a normal retirement age or the date on which |
|
the member has completed 23 [25] years of creditable service or a |
|
lesser number of years of creditable service established by the |
|
retirement board under Section 10(g) of this Act. |
|
SECTION 2. Section 9(p), Chapter 834, Acts of the 76th |
|
Legislature, Regular Session, 1999 (Article 6243n, Vernon's Texas |
|
Civil Statutes), is amended to read as follows: |
|
(p) A member who retires after reaching normal retirement |
|
age and continues or resumes employment with the employer in a |
|
position that is required to participate in another retirement |
|
system is entitled to continue to receive the retirement allowance |
|
paid under this article. A retired member who resumes regular |
|
full-time employment with an employer in a position that is not |
|
required to participate in another retirement system sponsored by |
|
the employer automatically resumes membership as an active |
|
contributory member, and the retirement board shall terminate the |
|
person's retirement allowance. The retirement allowance of a |
|
retired member shall be suspended if the member is employed by an |
|
employer in a position in which the employee is required to |
|
participate in the retirement system for at least six months of any |
|
consecutive 12 calendar months and works, is budgeted, or is |
|
compensated for more than 29 hours in a calendar week. When the |
|
person again retires, the retirement system shall compute the |
|
benefit based on service before and after the initial retirement. |
|
The resulting benefit is reduced actuarially to reflect the value |
|
of the benefits received before the resumption of full-time |
|
employment. |
|
SECTION 3. 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 October 1, 2009. |