|(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, and early retirement age is 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 and must designate a retirement date, 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 which a member files an application
that meets the requirements of this subsection.
(c) The local board of trustees shall hold a hearing
on an application for service retirement within 15 days of the date
of notice by the Executive Director of the filing of the application.
(d) 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.
(e) A service retirement annuity is payable in equal
monthly installments to a member who terminates service after attaining
early retirement age or normal retirement age, subject to the vesting
requirements of §308.1 of this title.
(f) Except as otherwise provided by this section, the
monthly service retirement annuity is equal to six times the governing
body's average monthly contribution during the retiring member's term
of qualified service.
(g) For credited qualified service in excess of 15
years, a retiring member is entitled to receive an additional 6.2
percent of the annuity compounded annually and adjusted for days or
months of credited qualified service that constitute less than a year.
(h) Notwithstanding subsection (g) of this section,
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.
|Source Note: The provisions of this §308.2 adopted to be effective October 2, 2005, 30 TexReg 6062; amended to be effective July 26, 2006, 31 TexReg 5810; amended to be effective August 31, 2014, 39 TexReg 6869