Texas HB2434 allows members to buy service credit for months in a 90-day waiting period, regardless of contributions.

Texas HB2434 amends the Employees Retirement System of Texas to allow members to establish service credit for each month of a 90-day waiting period, even if they did not contribute during that time. If a member buys credit for months before their most recent hiring, the retirement system considers the hiring date as the first day of the earliest month for which credit is purchased. The retirement system must compute the deposit amount without causing an actuarial loss. This Act takes effect September 1, 2025.

Texas HB2434 allows members to buy service credit for months in a 90-day waiting period, regardless of contributions.

Texas HB2434 amends the Employees Retirement System of Texas to allow members to establish service credit for each month of a 90-day waiting period, even if they did not contribute during that time. If a member buys credit for months before their most recent hiring, the retirement system considers the hiring date as the first day of the earliest month for which credit is purchased. The retirement system must compute the deposit amount without causing an actuarial loss. This Act takes effect September 1, 2025.