Sec. 659.124. AMOUNT OF BENEFIT REPLACEMENT PAY FOR HIGHER EDUCATION EMPLOYEES. (a) For a state employee employed by an institution of higher education, the benefit replacement pay is an increase in compensation equal to the sum of:
(1) 5.85 percent of the employee's compensation as of October 31, 1995, subject to the limit provided by Subsection (b); and
(2) an additional amount equal to the retirement contribution paid by the employee because of the benefit replacement pay provided by this subsection.
(b) The amount paid to an eligible state employee of an institution of higher education under Subsection (a)(1) may not exceed $965.25.
(c) In this section, "compensation" means annualized base salary or wages, including longevity and hazardous duty pay.
Added by Acts 1995, 74th Leg., ch. 417, Sec. 3, eff. Sept. 1, 1995.
Structure Texas Statutes
Title 6 - Public Officers and Employees
Subtitle B - State Officers and Employees
Subchapter H. Benefit Replacement Pay
Section 659.122. Inclusion of Benefit Replacement Pay
Section 659.123. Amount of Benefit Replacement Pay
Section 659.124. Amount of Benefit Replacement Pay for Higher Education Employees
Section 659.125. Paying Benefit Replacement Pay in Equal Installments
Section 659.126. Loss of Eligibility to Receive Benefit Replacement Pay