Texas § GV.853.003 - BUY BACK OF CREDITED SERVICE PREVIOUSLY CANCELED

§ GV.853.003. BUY BACK OF CREDITED SERVICE PREVIOUSLY CANCELED

BUY BACK OF CREDITED SERVICE PREVIOUSLY CANCELED. (a) An eligible member who has withdrawn contributions and canceled credited service in the retirement system may reestablish the canceled credit in the system if the governing body of the municipality that currently employs the member by ordinance authorizes reestablishment of the credit by eligible employee members. (b) A member eligible to reestablish credit under this section is one who has, since resuming membership, at least 24 consecutive months of credited service as an employee of the municipality for which the ordinance was adopted. (c) A member may reestablish credit by depositing with the retirement system in a lump sum the amount withdrawn from the system, plus a withdrawal charge computed at an annual rate of five percent from the date of withdrawal to the date of redeposit. (d) Credit reestablished under this section is treated as if all service on which the credit is based were performed for the municipality authorizing the reestablishment. (e) A governing body may not adopt an ordinance under Subsection (a) unless the actuary first determines that all obligations charged against the municipality's account in the benefit accumulation fund, including the obligations proposed in the ordinance, can be funded by the municipality within its maximum contribution rate and within its amortization period. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Amended by Acts 1981, 67th Leg., 1st C.S., p. 220, ch. 18, Sec. 72, eff. Jan. 1, 1982. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 63.003 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350 ), Sec. 6, eff. June 17, 2011. Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337 ), Sec. 3, eff. January 1, 2020.