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77~R) SB 522 Enrolled version - Bill Text Page 3 of 12 5-18 5-19 5-20 5-21 5-22 5-23 5-24 5-25 5-26 6-1 6-2 6-3 6-4 6-5 6-6 SECTION 8. Section 853.402, Government Code, is amended by amending subsection (f) and by add ing Subsection (g) to read as (f) i Interest on an updated service credit is earned for each whole calendar year beginning on t he date the updated service credit takes effect and ending on the effective date of retirement. If a person retires under this subtitle o n a date other than December 31, interest on an updated servi ce credit is earned for the partial year in which the retirement occurs, prorated from J~m~ry 1 of the year in which the retire ment occurs to the effective date of retirement. (g) If, before January 1, 1999, a person terminated employment with a participating municipal ity without aDDlying for retirement or a refund of accumulated con tributions and the person did not perform credited service in each of the 36 months described 6-7 6-8 6-9 by Subsection (b)(1), the individual's up shall be computed as the averaqe monthly number of months of credited service perf dated service compensation compensation for the ormed durinq the 36-month 6-10 6-11 6-12 6-13 6-14 6-15 6-16 6-17 6-18 6-19 6-20 6-21 6-22 6-23 6-24 6-25 6-26 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-10 7-11 7-12 7-13 7-14 7-15 7-16 7-17 7-18 7-19 7-20 7-21 7-22 period. If the person did not perform an y service during the 36 months, the person's updated service comp ensation is computed as the average monthly compensation for the number of months of credited service performed during the 36 -month period endin~ with the last month of the calendar year of th e member's most recent service. SECTION 9. Subsection (d), Section 854.002, Government Code, is amended to read as follows: (d) Notwithstanding any oth er provision of this subtitle, instead of an annuity, a person wi 11 receive from the retirement system a single payment equal to t he sum of the following if on the date of that person's retirement t hat sum is $10,000 [~_._ ] or less: (1) any updated servi ce credit or any prior service, special prior service, or antecede nt service credit for that person on the date of retirement, plus ac cumulated interest; (2) the amount credit ed to the person's individual account in the employees saving fun d; and (3) the amount from th e municipality accumulation fund equal to the amount in the member's individual account or a greater amount authorized by a participating municipality under Section 855.501. SECTION 10. Section 854.003, Government Code, is amended by amending Subsection (b) and by adding Subsection (h) to read as follows: (b) If a member dies before retirement and an annuity becomes payable under Section 854.105 [h2~ .... ....... l~ ~ ...... the member is considered to have retired on the last day of the month immediately preceding the mo nth in which death occurred ~ except as provided by subsection (h) (h) If the person who is eligible to receive an annuity under Subsection (b) is the member's surv lying spouse, the person may elect, by notifying the retirement sy stem not later than the 180th day after the date of the member's death, to leave the member's accumulated contributions on deposit with the retirement system until the date the member would ha ve been eligible for service retirement. If a surviving spouse makes an election under this subsection, the deceased member is considered to have retired 7-23 7-24 7-25 on the last day of the month in which the attained an age for service retirement el under this subsection is revocable before member would have igibility. An election the payment of the first http://www.capit~.state.tx.us/cgi-bin/t~/viewtext.cmd?LEG=77&SESS=R&CHAMBER=~... 11/1/2001