Bill Text: TX HB429 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to annual cost-of-living increases applicable to benefits paid by the Teacher Retirement System of Texas.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2023-02-23 - Referred to Pensions, Investments & Financial Services [HB429 Detail]
Download: Texas-2023-HB429-Introduced.html
| 88R2369 BDP-D | ||
| By: Schofield | H.B. No. 429 | |
|
|
||
|
|
||
| relating to annual cost-of-living increases applicable to benefits | ||
| paid by the Teacher Retirement System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter H, Chapter 824, Government Code, is | ||
| amended by adding Section 824.703 to read as follows: | ||
| Sec. 824.703. ANNUAL COST-OF-LIVING ADJUSTMENTS FOR | ||
| INFLATION. (a) Notwithstanding any other law, the amount of a | ||
| service retirement benefit, disability retirement benefit, or | ||
| death benefit paid under this chapter is adjusted in accordance | ||
| with this section as necessary to reflect inflation. | ||
| (b) On January 1 of each year, the board of trustees shall | ||
| increase the amount of each benefit payable under this chapter by a | ||
| percentage rate equal to the percentage increase, if any, during | ||
| the preceding state fiscal year in the Consumer Price Index for All | ||
| Urban Consumers published by the United States Department of Labor, | ||
| Bureau of Labor Statistics, or if that index is discontinued or | ||
| superseded, a similar index selected or calculated by the | ||
| comptroller. | ||
| SECTION 2. This Act applies only to a benefit paid by the | ||
| Teacher Retirement System of Texas on or after January 1, 2024. | ||
| SECTION 3. This Act takes effect September 1, 2023. | ||
