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A BILL TO BE ENTITLED
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AN ACT
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relating to the accrual of interest on lump-sum payments made to |
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certain retirees who have resumed employment within the Texas |
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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(j), Government Code, is amended |
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to read as follows: |
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(j) A person to whom this section applies shall receive a |
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lump-sum payment in an amount equal to the sum of the service |
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retirement annuity payments the person would have received had the |
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person's annuity payments not been discontinued and suspended under |
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this section, plus accumulated interest, if the person: |
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(1) initially retired based on a bona fide termination |
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of employment; and |
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(2) resumed employment with the person's reemploying |
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municipality at least eight years after the effective date of the |
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person's retirement. |
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SECTION 2. Section 852.108(j), Government Code, as amended |
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by this Act, applies only to a lump-sum payment under that section |
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that becomes due on or after the effective date of this Act. A |
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lump-sum payment that becomes due before the effective date of this |
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Act is governed by the law in effect on the date payment became due, |
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and that law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |