| (a) A cash balance group member may not establish service
credit under this section.
(b) An eligible employee class member may establish
service credit for service performed during the waiting period as
authorized by Tex. Gov't Code §813.514 and as provided in this
section. The provisions of §71.14 of this chapter do not apply
to service credit established under this section.
(c) An employee class member is eligible to establish
service credit under this section if the member:
(1) has completed the waiting period;
(2) has made a retirement contribution in accordance
with Tex. Gov't Code §813.201; and
(3) makes application for the establishment of service
credit and payment of the required contributions in accordance with
procedures developed by ERS.
(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
service credit established under this section. The tables recommended
by the system's actuary and adopted by the board shall be used to
determine the actuarial present value. The waiting period service
credit tables are adopted by reference and made a part of this rule
for all purposes. The 2009 waiting period 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
waiting period 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 waiting period 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 waiting period 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.
(e) 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 service credit under this section; and
(3) the future employment, compensation, investment
and retirement benefit assumptions recommended by the system's actuary
and adopted by the board.
(f) Waiting period service credit shall be established
in increments of one month.
(g) This section does not apply to service credit transferred
as authorized by Tex. Gov't Code Chapter 805.
(h) A member who withdraws contributions and cancels
service credit established under this section may not reestablish
such credit under Tex. Gov't Code §813.102 but may again establish
credit only as provided by this section.
(i) Credit established under this section may not be
used to determine average monthly compensation for the purpose of
computing an annuity.
(j) For a member establishing service credit for service
performed during the waiting period as authorized by Tex. Gov't Code §813.514
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,
as adjusted from time to time as required by Tex. Gov't Code §815.105,
in effect on the date the service credit is established.
|
| Source Note: The provisions of this §71.31 adopted to be effective March 10, 2004, 29 TexReg 2372; amended to be effective January 10, 2006, 31 TexReg 168; 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 June 6, 2016, 41 TexReg 4045; amended to be effective March 27, 2018, 43 TexReg 1875; amended to be effective September 14, 2022, 47 TexReg 5497 |
