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77~R) SB 522 Enrolled version - Bill Text Page 6 of 12 12-16 12-17 12-18 12-19 12-20 12-21 12-22 12-23 12-24 12-25 12-26 13-1 13-2 13-3 13-4 13-5 13-6 13-7 13-8 13-9 13-10 13-11 13-12 13-13 13-14 13-15 13-16 13-17 13-18 13-19 13-20 13-21 13-22 13-23 13-24 13-25 13-26 14-1 14-2 14-3 14-4 14-5 14-6 14-7 14-8 14-9 14-10 14-11 14-12 14-13 14-14 14-15 14-16 14-17 14-18 14-19 14-20 14-21 14-22 14-23 SECTION 13. Section 854.102, Government Code, is amended by adding Subsection (h) to read as fo llows: (h) A member is eligible to retire and receive a service retirement annuity if the member is at le asr 60 years old and has at least five years of credited~service i n the retirement system that is performed for one or more municipalities to which the five-year vestinq Drovision under Section 854. 205 applies. SECTION 14. Subsection (b), Section 854.103, Government Code, is amended to read as follows : (b) A standard service retirement annuity is payable throughout the life of a retiree. [~f 2 rct4~o d4~ ~rc ~9 2nnuit~ th!l ....... _ .... SECTION 15. Section 854.104, Government Code, is amended by amending Subsection (c) and by adding subsections (h), (i), and (j) to read as follows: (c) An eligible person may se lect an optional annuity that provides that: (1) after the retiree's death, the reduced annuity is payable throughout the life of ape rson designated by the retiree; (2) after the retiree' s death, one-half of the reduced annuity is payable throughout the 1 ife of a person designated by the retiree; (3) if the retiree die s before 120 monthly annuity payments have been made, the remain der of the 120 payments are payable to the retiree's beneficiary or, if one does not exist, to the retiree's estate; (4) if the retiree die s before 180 monthly annuity payments have been made, the remain der of the 180 payments are payable to the retiree's beneficiary or, if one does not exist, to the retiree's estate; (5) after the retiree' s death, three-fourths [~w~-~/~i~] of the reduced annuity is payable throughout the life of a person designated by the retiree; or (6) if the retiree dies before 60 monthly pay ments have been made, the remainder of the 60 payments are payable to the retiree's beneficiary or, if one does not exist, to the retiree's estate [the 2nn,/ity 4 ...... =--,-~ ~.._, ~,,~4~ .~^ ....... ~ +~='" lifetime]. --(h) Subsection (i) applies only to a per son who retired before September 1, 1997, and who elected , at retirement, to receive a reduced annuity that is payable until the death of the last to die of the retiree and a person designated as a beneficiary under subsection (e). (i) If both the retiree and the beneficiary described in Subsection (h) are alive, they may jointly elect in the manner provided by subsection (j) to modify the annuity being received. An annuity modified under this subsection : (1) begins with the first payment after one calendar month has passed since the date the form under Subsection (j) is filed, with the amount of the monthly pay ments, while the beneficiary is alive, being the actuarial equivalent of the previous annuity; and (2) increases to the amount of the stand ard service retirement annuity that the retiree would otherwise be entitled to receive if the retiree had not selected t he optional annuity with 9djustments made for any postretirement increase in that benefit and becomes payable the month followinq t he month in which the beneficiary dies and continues until the retiree dies. (j) To make the election under Subsection (i), the retiree http://www.capltol.state.tx.us/cg~_btn/tlo/wewtext.cmd. LEG=77&SESS-R&CHAMBER-~... 11/1/2001