34 Tex. Admin. Code § 29.63 - Deadline for Purchase of Special Service Credit
(a) Except as provided in subsection (b) of
this section, a member who elects to participate in the Deferred Retirement
Option Plan (DROP) but also desires to purchase special service credit must
purchase all special service credit eligible for purchase on or before the
effective date of the member's DROP participation. Special service credit that
a member would otherwise become eligible to purchase during DROP participation
may not be purchased after the effective date of DROP participation. Also, an
election to participate in DROP disqualifies any state personal or sick leave
accumulated at the time of the effective date of the member's DROP
participation as well as such leave accumulated during participation in DROP
from being used in calculating the number of days or hours required to purchase
state personal or sick leave at the time of actual retirement.
(b) A member participating in DROP on
September 1, 2001, was permitted to elect, before December 31, 2001, to
discontinue participation in DROP on a form prescribed by and filed with TRS.
Additionally, a member participating in DROP on September 1, 2005, or whose
period of participation in the plan expired on or before September 1, 2005, but
who has not retired on or before that date may, before December 31, 2005, elect
to discontinue participation in DROP on a form prescribed by and filed with
TRS. If a member discontinued participation in DROP as described in this
subsection, this rule shall not be deemed to bar the member from purchasing
special service credit for which the requirements have been earned or met
before or during the member's participation in DROP.
(c) A member who completes the period of
participation in DROP and who returns to employment with a TRS-covered employer
without having retired may purchase prior to retirement any special service
credit for which the member is eligible and for which the requirements have
been earned or met entirely after the member's participation in DROP.
Notes
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