Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 4 - EMPLOYEES RETIREMENT SYSTEM OF TEXAS › Chapter 73 - BENEFITS › Section 73.21 - Reduction Factor for Age and Retirement Option

Current through Reg. 49, No. 28; July 12, 2024
(a)
				Actuarial assumptions, mortality tables, and reduction factors used for
				calculation of benefits first payable on or after September 1, 2018, but prior
				to September 1, 2022, are those adopted by the board, as adjusted from time to
				time as required by Tex. Gov't Code §
									815.105, and
				apply to forms and effective dates of annuities specified by the
				board.
(b) The 1999 reduction
				factors for optional forms of retirement annuities apply to retirements
				effective on or after September 30, 1999, but prior to September 30, 2009, and
				are those factors adopted by the board on December 8, 1999, based on
				assumptions adopted by the board on December 9, 1998. The 1999 reduction
				factors apply to annuities first payable between January 1, 2000, and August
				31, 2009. The 2009 reduction factors for optional forms of retirement annuities
				apply to retirements effective on or after September 30, 2009, but prior to
				September 1, 2014, and are those factors adopted by the board on February 24,
				2009, based on assumptions adopted by the board on May 13, 2008. The 2014
				reduction factors for optional forms of retirement annuities apply to
				retirements effective on or after September 1, 2014, but prior to September 1,
				2018, and are those factors adopted by the board on February 25, 2014, based on
				assumptions adopted by the board on February 26, 2013, and further based on
				legislative changes to the retirement plan effective September 1,
				2013.
(c) The actuaries have
				developed reduction factors for early retirement or death in accordance with
				the mortality tables adopted by the board. The 2009 reduction factors for early
				retirement or death apply to retirements effective on or after September 30,
				2009, but prior to September 1, 2010, and apply to deaths first reported to ERS
				on or after September 1, 2009, but prior to September 1, 2010, and are those
				factors adopted by the board on February 24, 2009, based on assumptions adopted
				by the board on May 13, 2008. The 2010 reduction factors for early retirement
				or death apply only to those employees hired by the state of Texas on or after
				September 1, 2009, as defined in §
									73.2
				of this chapter. The 2010 reduction factors apply to retirements effective on
				or after September 30, 2010, but prior to September 1, 2014, and apply to
				deaths first reported to ERS on or after September 1, 2010, but prior to
				September 1, 2014, and are those factors adopted by the board on February 23,
				2010, based on legislative changes to the retirement plan effective September
				1, 2009. The 2014 reduction factors for early retirement or death apply to
				retirements effective on or after September 1, 2014, but prior to September 1,
				2018, and deaths first reported to ERS on or after September 1, 2014, but prior
				to September 1, 2018, and are those tables adopted by the board on February 25,
				2014, based on assumptions adopted by the board on February 26, 2013, and on
				legislative changes to the retirement plan effective September 1,
				2013.
(d) The 2000 reduction
				factors for the partial lump sum option apply to retirements effective on or
				after January 1, 2000, but prior to September 1, 2009, and are those factors
				adopted by the board on December 8, 1999, based on assumptions adopted by the
				board on December 9, 1998. The 2009 reduction factors for the partial lump sum
				option apply to retirements effective on or after September 30, 2009, but prior
				to September 1, 2014, and deaths first reported to ERS on or after September 1,
				2009, but prior to September 1, 2014, and are those factors adopted by the
				board on February 24, 2009, based on assumptions adopted by the board on May
				13, 2008. The 2014 reduction factors for the partial lump sum option apply to
				retirements effective on or after September 1, 2014, but prior to September 1,
				2018, and are those factors adopted by the board on February 25, 2014, based on
				assumptions adopted by the board on February 26, 2013, and on legislative
				changes to the retirement plan effective September 1, 2013.
(e) The 2005 reduction factors for standard
				nonoccupational disability retirements apply to disability retirement
				applications received by the system on or after September 1, 2005, for
				retirements effective prior to September 30, 2009, and are those factors
				adopted by the board on August 24, 2005, based on assumptions adopted by the
				board on December 10, 2003. The 2009 reduction factors for standard
				nonoccupational disability retirements apply to retirements effective on or
				after September 30, 2009, but prior to September 30, 2010, and are those
				factors adopted by the board on February 24, 2009, based on assumptions adopted
				by the board on May 13, 2008. The 2010 reduction factors for standard
				nonoccupational disability retirements apply only to those employees hired by
				the state of Texas on or after September 1, 2009, as defined in §
									73.2
				of this chapter. The 2010 reduction factors for standard nonoccupational
				disability retirements apply to retirements effective on or after September 30,
				2010, but prior to September 1, 2014, and are those factors adopted by the
				board on February 23, 2010, based on legislative changes to the retirement plan
				effective September 1, 2009. The 2014 reduction factors for standard
				nonoccupational disability retirements apply to retirements effective on or
				after September 1, 2014, but prior to September 1, 2018, and are those factors
				adopted by the board on February 25, 2014, based on assumptions adopted by the
				board on February 26, 2013, and on legislative changes to the retirement plan
				effective September 1, 2013.