(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.