34 Tex. Admin. Code § 73.21 - Reduction Factor for Age and Retirement Option
(a) Actuarial assumptions, mortality tables,
and reduction factors used for calculation of benefits first payable on or
after September 1, 2018, are those adopted by the board, as adjusted from time
to time as required by Tex. Gov't Code §
815.105, and apply to
forms and effective dates of annuities specified by the board.
(b) The 1999 reduction factors for optional
forms of retirement annuities apply to retirements effective on or after
September 30, 1999, but prior to September 30, 2009, and are those factors
adopted by the board on December 8, 1999, based on assumptions adopted by the
board on December 9, 1998. The 1999 reduction factors apply to annuities first
payable between January 1, 2000, and August 31, 2009. The 2009 reduction
factors for optional forms of retirement annuities apply to retirements
effective on or after September 30, 2009, but prior to September 1, 2014, and
are those factors adopted by the board on February 24, 2009, based on
assumptions adopted by the board on May 13, 2008. The 2014 reduction factors
for optional forms of retirement annuities apply to retirements effective on or
after September 1, 2014, but prior to September 1, 2018, and are those factors
adopted by the board on February 25, 2014, based on assumptions adopted by the
board on February 26, 2013, and further based on legislative changes to the
retirement plan effective September 1, 2013.
(c) The actuaries have developed reduction
factors for early retirement or death in accordance with the mortality tables
adopted by the board. The 2009 reduction factors for early retirement or death
apply to retirements effective on or after September 30, 2009, but prior to
September 1, 2010, and apply to deaths first reported to ERS on or after
September 1, 2009, but prior to September 1, 2010, and are those factors
adopted by the board on February 24, 2009, based on assumptions adopted by the
board on May 13, 2008. The 2010 reduction factors for early retirement or death
apply only to those employees hired by the state of Texas on or after September
1, 2009, as defined in §
73.2 of this chapter. The 2010
reduction factors apply to retirements effective on or after September 30,
2010, but prior to September 1, 2014, and apply to deaths first reported to ERS
on or after September 1, 2010, but prior to September 1, 2014, and are those
factors adopted by the board on February 23, 2010, based on legislative changes
to the retirement plan effective September 1, 2009. The 2014 reduction factors
for early retirement or death apply to retirements effective on or after
September 1, 2014, but prior to September 1, 2018, and deaths first reported to
ERS on or after September 1, 2014, but prior to September 1, 2018, and are
those tables adopted by the board on February 25, 2014, based on assumptions
adopted by the board on February 26, 2013, and on legislative changes to the
retirement plan effective September 1, 2013.
(d) The 2000 reduction factors for the
partial lump sum option apply to retirements effective on or after January 1,
2000, but prior to September 1, 2009, and are those factors adopted by the
board on December 8, 1999, based on assumptions adopted by the board on
December 9, 1998. The 2009 reduction factors for the partial lump sum option
apply to retirements effective on or after September 30, 2009, but prior to
September 1, 2014, and deaths first reported to ERS on or after September 1,
2009, but prior to September 1, 2014, and are those factors adopted by the
board on February 24, 2009, based on assumptions adopted by the board on May
13, 2008. The 2014 reduction factors for the partial lump sum option apply to
retirements effective on or after September 1, 2014, but prior to September 1,
2018, and are those factors adopted by the board on February 25, 2014, based on
assumptions adopted by the board on February 26, 2013, and on legislative
changes to the retirement plan effective September 1, 2013.
(e) The 2005 reduction factors for standard
nonoccupational disability retirements apply to disability retirement
applications received by the system on or after September 1, 2005, for
retirements effective prior to September 30, 2009, and are those factors
adopted by the board on August 24, 2005, based on assumptions adopted by the
board on December 10, 2003. The 2009 reduction factors for standard
nonoccupational disability retirements apply to retirements effective on or
after September 30, 2009, but prior to September 30, 2010, and are those
factors adopted by the board on February 24, 2009, based on assumptions adopted
by the board on May 13, 2008. The 2010 reduction factors for standard
nonoccupational disability retirements apply only to those employees hired by
the state of Texas on or after September 1, 2009, as defined in §
73.2 of this chapter. The 2010
reduction factors for standard nonoccupational disability retirements apply to
retirements effective on or after September 30, 2010, but prior to September 1,
2014, and are those factors adopted by the board on February 23, 2010, based on
legislative changes to the retirement plan effective September 1, 2009. The
2014 reduction factors for standard nonoccupational disability retirements
apply to retirements effective on or after September 1, 2014, but prior to
September 1, 2018, and are those factors adopted by the board on February 25,
2014, based on assumptions adopted by the board on February 26, 2013, and on
legislative changes to the retirement plan effective September 1,
2013.
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) Actuarial assumptions, mortality tables, and reduction factors used for calculation of benefits first payable on or after September 1, 2018, but prior to September 1, 2022, are those adopted by the board, as adjusted from time to time as required by Tex. Gov't Code § 815.105, and apply to forms and effective dates of annuities specified by the board.
(b) The 1999 reduction factors for optional forms of retirement annuities apply to retirements effective on or after September 30, 1999, but prior to September 30, 2009, and are those factors adopted by the board on December 8, 1999, based on assumptions adopted by the board on December 9, 1998. The 1999 reduction factors apply to annuities first payable between January 1, 2000, and August 31, 2009. The 2009 reduction factors for optional forms of retirement annuities apply to retirements effective on or after September 30, 2009, but prior to September 1, 2014, and are those factors adopted by the board on February 24, 2009, based on assumptions adopted by the board on May 13, 2008. The 2014 reduction factors for optional forms of retirement annuities apply to retirements effective on or after September 1, 2014, but prior to September 1, 2018, and are those factors adopted by the board on February 25, 2014, based on assumptions adopted by the board on February 26, 2013, and further based on legislative changes to the retirement plan effective September 1, 2013.
(c) The actuaries have developed reduction factors for early retirement or death in accordance with the mortality tables adopted by the board. The 2009 reduction factors for early retirement or death apply to retirements effective on or after September 30, 2009, but prior to September 1, 2010, and apply to deaths first reported to ERS on or after September 1, 2009, but prior to September 1, 2010, and are those factors adopted by the board on February 24, 2009, based on assumptions adopted by the board on May 13, 2008. The 2010 reduction factors for early retirement or death apply only to those employees hired by the state of Texas on or after September 1, 2009, as defined in § 73.2 of this chapter. The 2010 reduction factors apply to retirements effective on or after September 30, 2010, but prior to September 1, 2014, and apply to deaths first reported to ERS on or after September 1, 2010, but prior to September 1, 2014, and are those factors adopted by the board on February 23, 2010, based on legislative changes to the retirement plan effective September 1, 2009. The 2014 reduction factors for early retirement or death apply to retirements effective on or after September 1, 2014, but prior to September 1, 2018, and deaths first reported to ERS on or after September 1, 2014, but prior to September 1, 2018, and are those tables adopted by the board on February 25, 2014, based on assumptions adopted by the board on February 26, 2013, and on legislative changes to the retirement plan effective September 1, 2013.
(d) The 2000 reduction factors for the partial lump sum option apply to retirements effective on or after January 1, 2000, but prior to September 1, 2009, and are those factors adopted by the board on December 8, 1999, based on assumptions adopted by the board on December 9, 1998. The 2009 reduction factors for the partial lump sum option apply to retirements effective on or after September 30, 2009, but prior to September 1, 2014, and deaths first reported to ERS on or after September 1, 2009, but prior to September 1, 2014, and are those factors adopted by the board on February 24, 2009, based on assumptions adopted by the board on May 13, 2008. The 2014 reduction factors for the partial lump sum option apply to retirements effective on or after September 1, 2014, but prior to September 1, 2018, and are those factors adopted by the board on February 25, 2014, based on assumptions adopted by the board on February 26, 2013, and on legislative changes to the retirement plan effective September 1, 2013.
(e) The 2005 reduction factors for standard nonoccupational disability retirements apply to disability retirement applications received by the system on or after September 1, 2005, for retirements effective prior to September 30, 2009, and are those factors adopted by the board on August 24, 2005, based on assumptions adopted by the board on December 10, 2003. The 2009 reduction factors for standard nonoccupational disability retirements apply to retirements effective on or after September 30, 2009, but prior to September 30, 2010, and are those factors adopted by the board on February 24, 2009, based on assumptions adopted by the board on May 13, 2008. The 2010 reduction factors for standard nonoccupational disability retirements apply only to those employees hired by the state of Texas on or after September 1, 2009, as defined in § 73.2 of this chapter. The 2010 reduction factors for standard nonoccupational disability retirements apply to retirements effective on or after September 30, 2010, but prior to September 1, 2014, and are those factors adopted by the board on February 23, 2010, based on legislative changes to the retirement plan effective September 1, 2009. The 2014 reduction factors for standard nonoccupational disability retirements apply to retirements effective on or after September 1, 2014, but prior to September 1, 2018, and are those factors adopted by the board on February 25, 2014, based on assumptions adopted by the board on February 26, 2013, and on legislative changes to the retirement plan effective September 1, 2013.