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A BILL TO BE ENTITLED
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AN ACT
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relating to the resumption of employment by certain retirees within |
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the Texas Municipal Retirement System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 852.108(h), Government Code, is amended |
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to read as follows: |
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(h) The additional service retirement benefit allowable to |
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a person to whom this section applies is, at the option of that |
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person, either: |
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(1) a refund of accumulated contributions made since |
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reemployment plus any accrued interest on the accumulated |
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contributions allowed by the retirement system; or |
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(2) a benefit consisting of: |
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(A) a basic annuity actuarially determined from |
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the sum of the member's deposits made and accumulated since the date |
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the person last became a member, together with interest accumulated |
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on that amount since the person last became a member and, if the |
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period between the person's original date of retirement under this |
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subtitle and the date the person last became a member is at least |
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five years, an amount from the municipality accumulation fund equal |
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to the amount of the deposits credited to the member's individual |
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account since the person last became a member together with |
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interest accumulated on that amount since the person last became a |
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member; or |
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(B) a greater amount authorized by the |
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municipality under Section 855.501. |
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SECTION 2. The change in law made by this Act applies only |
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to a member of the Texas Municipal Retirement System who terminates |
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employment with the person's reemploying municipality on or after |
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the effective date of this Act. A member who terminates employment |
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with the person's reemploying municipality before the effective |
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date of this Act is governed by the law as it existed immediately |
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before that date, and the former law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |