(a) A cash balance group member may not establish service
credit under this section.
(b) An eligible member may establish equivalent membership
service credit authorized by Tex. Gov't Code §813.513 as provided
in this section. The provisions of §71.14 of this chapter do
not apply to credit established under this section.
(c) A member is eligible to establish credit under
this section in the membership class in which the member holds a position
if the member:
(1) has 120 months of service credit for one or more
periods of time during which the member held a position in a membership
class and the required contributions were made;
(2) is actively contributing to the system at the time
credit is established; and
(3) is not eligible to establish other credit or service.
(d) An eligible member shall deposit with the system
in a lump sum a contribution in the amount determined by the system
to be the actuarial present value of the benefit attributable to the
credit established under this section. The tables recommended by the
actuaries and adopted by the board shall be used by the system to
determine the actuarial present value. The 2009 additional service
credit tables apply to service purchase calculations performed on
or after September 1, 2009, and are those tables adopted by the board
on February 24, 2009, based on assumptions adopted by the board on
May 13, 2008. The 2010 additional service credit tables apply only
to those employees hired by the state of Texas on or after September
1, 2009, as defined in §73.2 of this title. The 2010 additional
service credit tables apply to service purchase calculations performed
on or after September 1, 2010, and are those tables adopted by the
board on February 23, 2010, based on legislative changes to the retirement
plan effective September 1, 2009. The 2014 additional service credit
tables apply to service purchase calculations performed on or after
September 1, 2014, but before September 1, 2018, and are those tables
adopted by the board on February 25, 2014, based on assumptions adopted
by the board on February 26, 2013, and on legislative changes to the
retirement plan effective September 1, 2013. For service purchase
calculations performed prior to September 1, 2014, the previously
adopted tables apply. The actuarial present value shall be based on:
(1) the member's age on the date of the deposit required
by this subsection;
(2) the earliest date on which the member will become
eligible to retire and receive a service retirement annuity after
establishing credit under this section; and
(3) the future employment, compensation, investment
and retirement benefit assumptions recommended by the actuaries and
adopted by the board.
(e) Credit shall be established in increments of 12
months of credit, except that a member who may become eligible to
retire by establishing fewer than 12 months of credit may establish
the minimum number of months of credit necessary for the member to
meet retirement eligibility.
(f) A member who establishes credit under this section
shall certify that the member is not eligible to establish other credit
or service and shall waive all rights to establish such credit or
service that the member had on the date of the deposit required by
subsection (d) of this section. This subsection does not apply to
service credit transferred as authorized by Tex. Gov't Code Chapter
805.
(g) Credit established under this section may not be
used to determine average monthly compensation for the purpose of
computing an annuity.
(h) A member who withdraws contributions and cancels
credit established under this section may not reestablish such credit
under Tex. Gov't Code §813.102 but may again establish credit
as provided in this section.
(i) The provisions of Tex. Gov't Code §813.503
do not apply to credit established under this section.
(j) For a member establishing equivalent membership
service credit authorized by Tex. Gov't Code §813.513 on or after
September 1, 2018, the tables used to determine the actuarial present
value of the service credit are those adopted by the board and in
effect on the date the service credit is established, as adjusted
from time to time as required by Tex. Gov't Code §815.105.
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Source Note: The provisions of this §71.29 adopted to be effective January 8, 2002, 27 TexReg 273; amended to be effective June 9, 2009, 34 TexReg 3517; amended to be effective June 14, 2010, 35 TexReg 5041; amended to be effective June 10, 2014, 39 TexReg 4485; amended to be effective March 27, 2018, 43 TexReg 1875; amended to be effective September 14, 2022, 47 TexReg 5497 |