Section 73.21 - Reduction Factor for Age and Retirement Option(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, 2013.34 Tex. Admin. Code § 73.21
The provisions of this §73.21 adopted to be effective September 21, 1981, 6 TexReg 3427; amended to be effective April 26, 1983, 8 TexReg 1217; amended to be effective January 11, 1984, 8 TexReg 5533; amended to be effective April 18, 1984, 9 TexReg 1894; amended to be effective December 14, 1987, 12 TexReg 4533; amended to be effective November 23, 1989, 14 TexReg 5934; amended to be effective January 10, 1991, 16 TexReg 42; amended to be effective December 13, 1991, 16 TexReg 6937; amended to be effective April 20, 1994, 19 TexReg 2550; amended to be effective January 9, 2000, 24 TexReg 12072; amended to be effective September 15, 2005, 30 TexReg 5809; amended tobe effective June 9, 2009, 34 TexReg 3517; amended to be effective March 15, 2010, 35 TexReg 2201; amended to be effective June 14, 2010, 35 TexReg 5041; amended to be effective June 10, 2014, 39 TexReg 4486; Amended by Texas Register, Volume 43, Number 12, March 23, 2018, TexReg 1876, eff. 3/27/2018; Amended by Texas Register, Volume 47, Number 36, September 9, 2022, TexReg 5497, eff. 9/14/2022