Discussion, consideration, and action on authorization to change TCDRS Plan Provisions for Plan Year 2009 to include buyback authorization allowing all eligible employees the option of buying back service credits and receive matching credits upon retirement from Hidalgo County.

The buyback authorization gives an additional choice to eligible employees who want to restore some of their lost benefit. These employees can redeposit the entire amount withdrawn after paying a withdrawal penalty. In exchange, Hidalgo County will agree to provide employer matching on the redeposited amount for employees who retire.