34 Tex. Admin. Code § 25.191 - Time Period at Retirement to Complete Purchase of Service Credit
(a) Payment for service credit other than
service credit for accumulated state personal or sick leave must be received
not later than two calendar months after the later of the member's effective
retirement date or the last day of the month in which the member submits a
retirement application and before the later of the due date for the member's
first monthly annuity payment or the date on which the Teacher Retirement
System of Texas (TRS) issues the first monthly annuity payment to the member.
If the service credit other than service credit for accumulated state personal
or sick leave must be purchased in order to establish eligibility to retire,
the purchase must be completed by the effective date of retirement. If the
purchase of the service credit other than service credit for accumulated state
personal or sick leave cannot be completed within the time period provided in
this section, the member may decline to purchase the service credit and
maintain the member's effective retirement date or may revoke the member's
effective retirement date and select a later effective retirement date that
provides sufficient time to complete the purchase of the service credit.
(b) Payment for accumulated state
personal or sick leave service credit must be received by TRS not later than
the 90th day after the date TRS issues a cost statement for the purchase of the
service credit. If the purchase is being made by a rollover distribution from
another eligible retirement plan or a direct trustee-to-trustee transfer of
funds from an eligible plan as described in §
823.403(d),
Government Code, TRS may grant the member a one-time 30 day extension to
complete the purchase. If the member cannot complete the purchase within the
time period provided, the member may decline to purchase the accumulated state
personal or sick leave service credit and maintain the member's effective
retirement date or may revoke the member's effective retirement date and select
a later effective retirement date that provides sufficient time to complete the
purchase. Accumulated state personal or sick leave credit may not be purchased
in order to establish eligibility for retirement benefits.
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.
No prior version found.