Bill Text: TX HB1383 | 2013-2014 | 83rd Legislature | Comm Sub
Bill Title: Relating to the state contribution for the Teacher Retirement System of Texas.
Spectrum: Slight Partisan Bill (Republican 69-35)
Status: (Introduced - Dead) 2013-04-29 - Committee report sent to Calendars [HB1383 Detail]
Download: Texas-2013-HB1383-Comm_Sub.html
83R8908 SGA-F | |||
By: Keffer, Ratliff, Howard, Alonzo, | H.B. No. 1383 | ||
King of Taylor, et al. | |||
Substitute the following for H.B. No. 1383: | |||
By: Callegari | C.S.H.B. No. 1383 |
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relating to the state contribution for the Teacher Retirement | ||
System of Texas. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 825.404, Government Code, is amended by | ||
amending Subsection (a) and adding Subsection (a-1) to read as | ||
follows: | ||
(a) During each fiscal year, the state shall contribute to | ||
the retirement system an amount equal to at least 7.4 [ |
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more than 10 percent of the aggregate annual compensation of all | ||
members of the retirement system during that fiscal year. The | ||
amount of the state contribution made under this section may not be | ||
less than the amount contributed by members during that fiscal year | ||
in accordance with Section 825.402. | ||
(a-1) Notwithstanding Subsection (a), during the fiscal | ||
year beginning September 1, 2013, the state shall contribute to the | ||
retirement system an amount equal to 6.9 percent of the aggregate | ||
annual compensation of all members of the retirement system during | ||
that fiscal year. During the fiscal year beginning September 1, | ||
2014, the state shall contribute to the retirement system an amount | ||
equal to 7.4 percent of the aggregate annual compensation of all | ||
members of the retirement system during that fiscal year. This | ||
subsection expires September 1, 2015. | ||
SECTION 2. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2013. |