Sec. 824.805. TERMINATION OF PARTICIPATION IN PLAN. (a) Except as provided by Subsection (b), a member terminates participation in the plan by:
(1) retirement;
(2) death; or
(3) expiration of the period for which participation was approved.
(b) This subsection applies only to a member participating in the plan on September 1, 2005, or to a member whose period of participation in the plan expired on or before September 1, 2005, but who has not retired on or before that date. A member described by this subsection may, before December 31, 2005, revoke the member's decision to participate in the plan on a form prescribed by and filed with the retirement system. The retirement system shall make account transfers and change records for a member who revokes the member's decision to participate in the plan under this subsection as if the member had never participated in the plan.
(c) A member or beneficiary described by Subsection (d) may, on or before December 31, 2015, revoke the member's decision to participate in the plan on a form prescribed by and received by the retirement system not later than that date. The retirement system shall make account transfers and change records for a member whose decision to participate in the plan is revoked under this subsection, as if the member had never participated in the plan.
(d) Subsection (c) applies only to:
(1) a member:
(A) whose approved period of participation in the plan has expired; and
(B) who has not retired on or before December 31, 2015; or
(2) a beneficiary of a member whose approved period of participation in the plan has expired and who has not retired before death if:
(A) the beneficiary is eligible to receive both a distribution of benefits payable on the death of the member and the distributions from the plan; and
(B) the member dies on or after September 1, 2015.
Added by Acts 1997, 75th Leg., ch. 1416, Sec. 21, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 1540, Sec. 16, eff. Sept. 1, 1999; Acts 2001, 77th Leg., ch. 1229, Sec. 14, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 1359 (S.B. 1691), Sec. 19, eff. September 1, 2005.
Acts 2015, 84th Leg., R.S., Ch. 164 (H.B. 1937), Sec. 1, eff. September 1, 2015.
Section: Previous 824.504 824.505 824.601 824.602 824.6022 824.603 824.701 824.702 824.801 824.8011 824.802 824.803 824.804 824.805 824.806 NextLast modified: September 28, 2016