34 Tex. Admin. Code § 308.2 - Service Retirement Annuity
(a) In
this section, normal retirement age is the later of the month a member
completes 15 years of credited qualified service or attains the age of
55.
(b) A member who has terminated
service with all participating departments may apply for a service retirement
annuity by filing an application for retirement with the Executive Director.
The application may not be filed more than one calendar month before the date
the member wishes to retire, which may not precede the date of filing or the
date of first eligibility to retire. The effective date of a member's
retirement is the first day of the calendar month after the later of the
following:
(1) the date on which a member
turns 55 years of age;
(2) the date
of termination of service with the participating department; or
(3) the date on which the pension system
receives an application that meets the requirements of this subsection from a
member.
(c) A monthly
service retirement annuity is payable for the period beginning on the effective
date of retirement through the month in which the retiree dies but is not
payable for any month for which the retiree was eligible to retire but did not.
Amounts payable for periods following the effective date of retirement but
prior to the commencement of benefit payments will be paid in a lump sum with
the first benefit payment.
(d) A
service retirement annuity is payable in equal monthly installments.
(e) Except as otherwise provided by this
section, the full service retirement monthly annuity is equal to six times the
average monthly Part One contribution as described in §310.6 during the
retiring member's term of qualified service with all participating
departments.
(f) For credited
qualified service in excess of 15 years, a retiring member is entitled to
receive an additional 6.2 percent of the full service retirement annuity
compounded annually and adjusted for months of credited qualified service that
constitute less than a year.
(g)
Notwithstanding this subsection, a person who had more than 15 years of
qualified service as of December 31, 2006, is entitled to a service retirement
annuity computed as the greater of the amount that existed on that date or the
amount computed under the formula in effect on the date the person terminates
service with all participating departments.
Notes
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