34 Tex. Admin. Code § 25.161 - Work Experience Service Credit
(a) An eligible
member may purchase one or two years of equivalent membership service credit in
the Teacher Retirement System of Texas ("TRS") for eligible work experience in
accordance with Government Code, §
823.404 and subject
to the approval of TRS. A member is eligible to establish up to two years of
equivalent membership service credit for eligible work experience if, at the
time of the purchase, the member has at least five years of membership service
credit in TRS, the member is a certified career or technology education
teacher, and the work experience was required for certification in a career or
technological field.
(b) Equivalent
membership service credit for eligible work experience may be established by
depositing with TRS the amounts described in subsection (c) of this section and
by submitting certification, in the form and manner prescribed by TRS, that the
member is entitled to salary step credit under Education Code, §
21.403(b)
and is eligible to purchase the service credit.
(c) For each year of equivalent membership
service credit described in this section and approved by TRS, the eligible
member must deposit the actuarial present value, at the time of deposit, of the
additional standard retirement annuity benefits that would be attributable to
the work experience service credit to be purchased under this section. Upon
receipt by TRS of the required amount, the member will be credited with the
additional year(s) of service credit purchased up to the maximum years of
service credit allowed under Government Code, §
823.404.
(d) To calculate these amounts, TRS will use
the cost factors and method described in §
25.302 of this title (relating to
Calculation of Actuarial Cost).
(e)
No credit will be applied to the cost of a year of work experience service
credit for any TRS contributions made in the same school year.
(f) The purchase cost described in subsection
(d) of this section assumes a lump-sum deposit will be made. If deposits are
made under an installment agreement, a non-refundable installment fee of 9%
applies.
Notes
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