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Amending provision of Chapter 3 of the Texas Education Code relating to the Teacher Retirement System; with regard to the interest or reinstatement fees charged on deposits for waived service, reinstatement of withdrawn accounts, and reinstatement of membership by a retired member and with regard to the length of subsequent service required to reinstate a withdrawn account; to provide a fee for crediting out-of-state service; regarding the designation of beneficiary for benefits payable upon a member's death and the distribution of such benefits if no designated beneficiary is in existence at the time of such death; to remove limits on death benefits based upon the beneficiary's relationship to the member; to eliminate the reduction of death benefits for beneficiaries of deceased members retired on a disability; to increase the permissible length of employment after retirement in the public schools of Texas without loss of retirement benefits; to increase the rate of interest paid on member accounts; regarding transfers from the interest account; to provide an interest fee for delinquent contributions; declaring effective dates for the provisions of this Act, and providing for severability of the Act.