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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Comm_Sub.html

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88R8773 BDP-D
By: Price, Smithee H.B. No. 2464

A BILL TO BE ENTITLED
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 Subsection (f) to read as follows:
(f) Notwithstanding Subsection (c) or any other law, the
governing body of a municipality that adopts an ordinance under
Section 854.203 providing for increased annuities effective
January 1 of 2024 or 2025 may elect to compute the annuity increase
as the sum of prior and current service annuities of the person on
whose service the annuities are based on the effective date of the
annuity increase multiplied by the percentage increase specified in
the ordinance, except that an adjustment to the annuity after the
annuity starting date for annuity increases under this subsection
may not cause an annuitant's annuity to exceed the amount that the
annuitant would be entitled to had the maximum amount of the annuity
increase allowed under Section 854.203(b) been applied to the
annuity. This subsection expires December 31, 2025.
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.