(a) Under Tex. Gov't Code §820.103, the system shall calculate the gain sharing interest rate based on the investment returns of the total combined ERS retirement trust fund as of August 31 of each of the applicable fiscal years, using the Global Investment Performance Standards for calculating and reporting investment performance. The total combined ERS retirement trust fund does not include amounts associated with the State Employees Group Benefits Program or the Texa$aver program.     
      (b) Each fiscal year, the system shall apply the gain sharing interest rate as follows:      
        (1) for a cash balance group member, the rate shall be multiplied by the member's accumulated account balance as of the end of the preceding fiscal year;       
        (2) for a cash balance annuitant, the rate shall be multiplied by the amount of the annuitant's cash balance annuity payment as of the end of the preceding fiscal year; and       
        (3) for an annuitant who retired after August 31 but before the application of the gain sharing interest rate, the rate shall be multiplied by the amount of the annuitant's initial cash balance annuity payment.       
      (c) A person may not receive gain sharing interest as both a cash balance group member and a cash balance annuitant during the same fiscal year.     
      (d) The gain sharing interest rate shall be applied no earlier than December 1.     
     Source Note:        The provisions of this §76.10 adopted to be effective September 14, 2022, 47 TexReg 5498