Tex.
Gov't Code Section 854.202
Additional Optional Service Retirement Eligibility
(a)
The governing body of a municipality that has an effective date of participation in the retirement system after December 31, 1975, or that has previously authorized updated service credits, by ordinance may authorize eligibility for a service retirement annuity as provided by this section for a member who is or was an employee of any participating department of the municipality.(b)
The governing body may authorize a member to retire and receive a service retirement annuity, if the member:(1)
is at least 50 years old and has at least 25 years of credited service performed for one or more municipalities that have authorized eligibility under this subdivision; or(2)
is at least 60 years old and has at least 10 years of credited service performed for one or more municipalities that either have authorized eligibility under this subdivision or have a participation date in the retirement system after August 26, 1979.(c)
The governing body may authorize a member who is or was an employee of the municipality to terminate employment and remain eligible to retire and receive a service retirement annuity at any time after the member attains an applicable age and service requirement, if the member has at least 10 years of credited service performed for one or more municipalities that either have authorized eligibility under this subsection or are subject to Section 854.102 (Eligibility for Service Retirement Annuity)(e).(d)
An ordinance adopted under this section must also include the provisions specified in Section 852.105 (Optional Prior Service Credits). A governing body may not adopt an ordinance under this section unless the actuary first determines, on the basis of mortality and other tables adopted by the board of trustees, that all obligations of the municipality to the benefit accumulation fund, including obligations proposed under the ordinance, can be funded by the municipality within its maximum contribution rate and within its amortization period.(e)
The governing body shall specify the effective date of an ordinance under this section, which may be the first day of any month after the month in which the actuary makes the determination required by Subsection (d).(f)
The governing body may authorize a member to retire and receive a service retirement benefit if the member has at least 25 years of credited service performed for one or more municipalities that either have authorized eligibility under this subdivision or have a participation date in the retirement system after September 1, 1987.(g)
The governing body may authorize a member to retire and receive a service retirement benefit if the member has at least 20 years of credited service performed for one or more municipalities that have authorized eligibility under this subsection.(h)
Before a governing body may elect to authorize a member to retire pursuant to Subsection (g), the governing body shall:(1)
prepare an actuarial analysis of member retirement annuities at 20 years of service; and(2)
hold a public hearing.(i)
The public hearing required under Subsection (h) shall be held pursuant to the notice provisions of the Texas Open Meetings Act, Chapter 551 (Open Meetings), Texas Government Code.(j)
A member is eligible to retire and receive a service retirement annuity if the member:(1)
is at least 60 years of age; and(2)
has at least five years of credited service performed for one or more municipalities to which the five-year vesting provision under Section 854.205 (Five-year Vesting) applies.
Source:
Section 854.202 — Additional Optional Service Retirement Eligibility, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.854.htm#854.202 (accessed Jun. 5, 2024).
