88R7621 KFF-D
 
  By: Anchía H.B. No. 4653
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to participation in a deferred retirement option plan by
  members of the retirement systems for police and fire fighters in
  certain municipalities.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 6.14(c), Article 6243a-1, Revised
  Statutes, is amended to read as follows:
         (c)  Each month after a member has made an election to
  participate in the DROP and indicated a desire to receive a
  retirement pension under Sections 6.01(b) and (c), Section 6.01(e),
  or Section 6.02(b), (c), (d), or (e) of this article, whichever is
  applicable, and through the month before the month in which the
  member leaves active service, an amount equal to the retirement
  pension the member would have received under the applicable
  subsection for that month if the member had left active service and
  been granted a retirement pension by the board on the effective date
  of DROP participation shall be credited to a separate DROP account
  maintained within the fund for the benefit of the member.  Amounts
  held in the DROP account of a member shall be credited at the end of
  each calendar month.  Notwithstanding this section, effective
  January 1, 2018, a member on active service who has 20 [10] years or
  more of participation in DROP shall no longer have the amount of the
  member's retirement pension credited to the member's DROP account
  while the member is on active service.
         SECTION 2.  Section 6.14(c), Article 6243a-1, Revised
  Statutes, as amended by this Act, applies to a member who
  participates in the deferred retirement option plan established
  under that section regardless of whether the member began
  participation in the plan before, on, or after the effective date of
  this Act.
         SECTION 3.  This Act takes effect September 1, 2023.