Bill Text: TX HB1097 | 2023-2024 | 88th Legislature | Introduced

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Bill Title: Relating to the cash balance annuity for members of the legislature and the lieutenant governor.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-03-02 - Referred to State Affairs [HB1097 Detail]

Download: Texas-2023-HB1097-Introduced.html

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88R1321 BDP-D
By: Hinojosa H.B. No. 1097

A BILL TO BE ENTITLED
AN ACT
relating to the cash balance annuity for members of the legislature
and the lieutenant governor.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 820.053(a), Government Code, is amended
to read as follows:
(a) The state match for the cash balance benefit for:
(1) service credited to the employee or elected class
of membership is an amount computed by multiplying the member's
accumulated account balance by 150 percent; and
(2) service credited to the employee class of
membership by a member eligible to retire under this chapter as a
law enforcement or custodial officer is an amount computed by
multiplying the member's accumulated account balance by:
(A) except as provided by Paragraph (B), 150
percent; and
(B) for the portion of the accumulated account
balance based on the member's additional two percent contribution
under Section 820.101(b), including interest, attributable to
service as a law enforcement or custodial officer, 300 percent,
paid from the law enforcement and custodial officer supplemental
retirement fund[; and
[(3) subject to Subsection (c), service credited to the
elected class of membership is an amount computed by multiplying
the member's accumulated account balance by 150 percent].
SECTION 2. Section 820.053(c), Government Code, is
repealed.
SECTION 3. Section 820.053, Government Code, as amended by
this Act, applies only to the cash balance annuity of a member of
the elected class who is first eligible to become a member of the
elected class on or after September 1, 2024. The cash balance
annuity of a member of the elected class who is first eligible to
become a member of the elected class before September 1, 2024, is
governed by the law as it existed immediately before that date, and
that law is continued in effect for that purpose.
SECTION 4. This Act takes effect on the date on which the
constitutional amendment proposed by the 88th Legislature, Regular
Session, 2023, setting the salaries of members of the legislature
and the lieutenant governor based on the average public school
teacher salary in this state is approved by the voters. If that
amendment is not approved by the voters, this Act has no effect.