Bill Text: TX HB2464 | 2023-2024 | 88th Legislature | Enrolled

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Bill Title: Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Passed) 2023-05-27 - Effective immediately [HB2464 Detail]

Download: Texas-2023-HB2464-Enrolled.html

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H.B. No. 2464

AN ACT
relating to optional annuity increases for certain retirees and
beneficiaries of the Texas Municipal Retirement System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 853.404, Government Code, is amended by
adding Subsections (f) and (f-1) to read as follows:
(f) Subject to Subsection (f-1) and notwithstanding
conflicting provisions of Subsection (c) or Section 854.203, the
governing body of a participating municipality that adopts an
ordinance under Section 854.203 providing for increased annuities
effective January 1 of 2024, 2025, or 2026 may elect to compute the
annuity increase, including an annual annuity increase authorized
under Subsection (c), as the sum of prior and current service
annuities, as increased in subsequent years under Section 854.203
or Subsection (c), of the person on whose service the annuities are
based on the effective date of the annuity increase, multiplied by:
(1) the percentage change in the Consumer Price Index
for All Urban Consumers, published by the Bureau of Labor
Statistics of the United States Department of Labor, during the
12-month period ending in December of the year that is 13 months
before the effective date of the ordinance providing the increase;
and
(2) 30 percent, 50 percent, or 70 percent, as
specified by the governing body in the ordinance.
(f-1) Subsection (f) applies only with respect to:
(1) a participating municipality that as of January 1,
2023:
(A) does not provide by ordinance an annual
annuity increase under Subsection (c) because the municipality:
(i) passed an ordinance before January 1,
2023, that rescinded a previous ordinance authorizing annual
increases under Subsection (c); or
(ii) has not passed an ordinance
authorizing annual increases under Subsection (c); or
(B) does provide by ordinance an annual annuity
increase under Subsection (c) if the governing body of the
municipality elects to provide increased annuities recomputed in
accordance with Subsection (f) for purposes of maintaining or
increasing the amount of the annuity increase otherwise authorized
by the ordinance; and
(2) the annuity of:
(A) a retiree who retired not later than the last
day of December of the year that is 13 months before the effective
date of the ordinance providing the increase; or
(B) a beneficiary of a deceased retiree whose
death occurred not later than the last day of December of the year
that is 13 months before the effective date of the ordinance
providing the increase.
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, 2023.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 2464 was passed by the House on April
27, 2023, by the following vote: Yeas 148, Nays 0, 1 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 2464 was passed by the Senate on May
15, 2023, by the following vote: Yeas 29, Nays 2.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor