Sec. 813.514. CREDIT PURCHASE OPTION FOR CERTAIN SERVICE. (a) This section applies only to a member who became a member before September 1, 2015.
(a-1) A member may establish service credit under this section in the employee class only for service performed during a 90-day waiting period to become a member after beginning employment or holding office.
(b) A member may establish service credit under this section by depositing with the retirement system, for each month of service credit, the actuarial present value, at the time of deposit, of the additional standard retirement annuity benefits that would be attributable to the purchase of the service credit under this section based on rates and tables recommended by the retirement system's actuary and adopted by the board of trustees.
(c) After a member makes the deposits required by this section, the retirement system shall grant the member one month of equivalent membership service credit for each month of credit approved.
(d) The retirement system shall deposit the amount of the actuarial present value of the service credit purchased in the member's individual account in the employees saving account.
(e) The board of trustees may adopt rules to administer this section, including rules that impose restrictions on the application of this section as necessary to cost-effectively administer this section.
Added by Acts 2003, 78th Leg., ch. 1111, Sec. 42, eff. Sept. 1, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 347 (S.B. 1176), Sec. 10, eff. September 1, 2005.
Acts 2015, 84th Leg., R.S., Ch. 331 (H.B. 9), Sec. 2, eff. September 1, 2015.
Section: Previous 813.304 813.305 813.401 813.402 813.403 813.404 813.501 813.502 813.503 813.504 813.505 813.506 813.509 813.511 813.513Last modified: September 28, 2016