| (a) A member is eligible to retire and receive a full
service retirement annuity with full benefits from the pension system
when the member has at least 15 years of qualified service credited
in the pension system and has attained the age of 55.
(b) A member is eligible to retire and receive a partial
service retirement annuity from the pension system when the member
has at least 10 years of qualified service credited in the pension
system and has attained the age of 55. Such partial retirement benefit
shall accrue and be calculated as a percentage of a full service retirement
benefit determined in §308.2(f) of this title (relating to Service
Retirement Annuity) at the following rates:
(1) 50 percent after the first 10 years of credited
qualified service; and
(2) An additional 10 percent a year for the next five
years of credited qualified service.
(c) Vested retirement benefits, including accrued partial
service retirement benefits, are nonforfeitable. A retirement benefit
also becomes nonforfeitable when a member attains normal retirement
age or, to the extent funded, on the termination or partial termination
of the pension system or the complete discontinuance of contributions
to the pension system. A person whose retirement benefit met a partial
vesting requirement as it existed on December 31, 2006, is eligible
to retain that eligibility and the base amount of that benefit as
it existed on that date.
|
| Source Note: The provisions of this §308.1 adopted to be effective October 2, 2005, 30 TexReg 6062; amended to be effective July 26, 2006, 31 TexReg 5810; amended to be effective October 18, 2015, 40 TexReg 7103; amended to be effective December 31, 2019, 44 TexReg 8333 |
