34 Tex. Admin. Code § 25.162 - State Personal or Sick Leave Credit
(a) An eligible member
may purchase one year of service credit in the Teacher Retirement System of
Texas ("TRS") for accumulated state personal or sick leave in accordance with
Government Code §
823.403 and subject
to approval of TRS.
(b) A member is
eligible to purchase one year of service credit if the member has at least ten
years of TRS service credit for actual service with one or more employers
defined by Government Code §
821.001(7),
retires from such an employer, and has at least 50 days or 400 hours of
accumulated state personal or sick leave on the last day of employment before
retirement. Not more than an aggregate of five days of unused state personal or
sick leave may be accumulated per year. State personal and sick leave may be
combined, if needed, for the purpose of calculating the necessary 50 days or
400 hours. No more than one year of service credit may be purchased even if
more time has been accumulated.
(c)
Credit purchased under this section may be used only for the purpose of
calculating the amount of a retirement plan benefits but may not be used to
determine eligibility for retirement plan benefits.
(d) To establish service credit under this
section, an eligible member must submit an employer certification in the form
and manner prescribed by TRS. Additionally, the eligible member must deposit
with TRS, in the manner prescribed by TRS, the actuarial present value of the
additional standard retirement annuity benefits that would be attributable to
the conversion of the unused state personal or sick leave into the service
credit, as described in subsection (e) of this section.
(e) To compute these amounts, TRS will use
the State Personal or Sick Leave Conversion Factor Tables furnished by the TRS
actuary of record. Specifically, TRS will select the applicable conversion
factor from the table based on the age of the member in full years and months
at the effective date of retirement. To obtain the cost of the service credit,
the conversion factor will be multiplied by the increase in the monthly
standard retirement annuity resulting from the conversion of state personal or
sick leave to an additional one year of service credit. The increase in the
annuity will be determined using the standard retirement annuity without an
adjustment for an optional service retirement annuity plan selected by the
member because any optional plan selected by the member is required by
Government Code §
824.204(b)
to be the actuarial equivalent of the member's standard retirement annuity.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(a) An eligible member may purchase one year of service credit in the Teacher Retirement System of Texas ("TRS") for accumulated state personal or sick leave in accordance with Government Code § 823.403 and subject to approval of TRS.
(b) A member is eligible to purchase one year of service credit if the member has at least ten years of TRS service credit for actual service with one or more employers defined by Government Code § 821.001(7), retires from such an employer, and has at least 50 days or 400 hours of accumulated state personal or sick leave on the last day of employment before retirement. Not more than an aggregate of five days of unused state personal or sick leave may be accumulated per year. State personal and sick leave may be combined, if needed, for the purpose of calculating the necessary 50 days or 400 hours. No more than one year of service credit may be purchased even if more time has been accumulated.
(c) Credit purchased under this section may be used only for the purpose of calculating the amount of a retirement plan benefits but may not be used to determine eligibility for retirement plan benefits.
(d) To establish service credit under this section, an eligible member must submit an employer certification in the form and manner prescribed by TRS. Additionally, the eligible member must deposit with TRS, in the manner prescribed by TRS, the actuarial present value of the additional standard retirement annuity benefits that would be attributable to the conversion of the unused state personal or sick leave into the service credit, as described in subsection (e) of this section.
(e) To compute these amounts, TRS will use the State Personal or Sick Leave Conversion Factor Tables furnished by the TRS actuary of record. Specifically, TRS will select the applicable conversion factor from the table based on the age of the member in full years and months at the effective date of retirement. To obtain the cost of the service credit, the conversion factor will be multiplied by the increase in the monthly standard retirement annuity resulting from the conversion of state personal or sick leave to an additional one year of service credit. The increase in the annuity will be determined using the standard retirement annuity without an adjustment for an optional service retirement annuity plan selected by the member because any optional plan selected by the member is required by Government Code § 824.204(b) to be the actuarial equivalent of the member's standard retirement annuity.