Bill Text: TX HB34 | 2023 | 88th Legislature 2nd Special Session | Introduced
Bill Title: Relating to a cost-of-living adjustment applicable to certain benefits paid by the Employees Retirement System of Texas and a biennial study on providing additional adjustments based on the effects of increased inflation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-06-28 - Filed [HB34 Detail]
Download: Texas-2023-HB34-Introduced.html
| By: Bucy | H.B. No. 34 | |
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| relating to a cost-of-living adjustment applicable to certain | ||
| benefits paid by the Employees Retirement System of Texas and a | ||
| biennial study on providing additional adjustments based on the | ||
| effects of increased inflation. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter G, Chapter 814, Government Code, is | ||
| amended by adding Section 814.605 to read as follows: | ||
| Sec. 814.605. ONE-TIME ADJUSTMENT TO BENEFITS. (a) The | ||
| amount of a monthly service retirement benefit, disability | ||
| retirement benefit, or death benefit paid under this chapter to a | ||
| retiree or beneficiary for service credited in the employee class | ||
| is increased to include a one-time 10 percent adjustment in | ||
| accordance with this section. | ||
| (b) The board of trustees shall recompute the amount of a | ||
| benefit paid monthly under this chapter by applying the 10 percent | ||
| adjustment to the monthly amount otherwise required to be paid as | ||
| determined in accordance with this chapter. | ||
| SECTION 2. Subchapter F, Chapter 815, Government Code, is | ||
| amended by adding Section 815.5105 to read as follows: | ||
| Sec. 815.5105. BIENNIAL STUDY AND REPORT ON PROVIDING | ||
| ADDITIONAL COST-OF-LIVING ADJUSTMENTS BASED ON EFFECTS OF | ||
| INFLATION. Not later than January 1 of each odd-numbered year, the | ||
| retirement system shall: | ||
| (1) conduct a study to evaluate and identify the | ||
| effects, if any, that increased inflation has had on annuitants of | ||
| the system: | ||
| (A) during the preceding state fiscal biennium; | ||
| and | ||
| (B) if applicable, since annuitants last | ||
| received a cost-of-living adjustment; and | ||
| (2) submit a written report to the legislature | ||
| containing: | ||
| (A) findings of the study; and | ||
| (B) if appropriate, recommendations for | ||
| potential legislation to address any adverse effects of inflation | ||
| identified under Subdivision (1), including specific | ||
| recommendations regarding whether and in what amount the | ||
| legislature would need to provide a cost-of-living adjustment to | ||
| the benefits of annuitants to remedy those effects. | ||
| SECTION 3. Section 814.604, Government Code, is repealed. | ||
| SECTION 4. Section 814.605, Government Code, as added by | ||
| this Act, applies only to a monthly benefit payment made by the | ||
| Employees Retirement System of Texas on or after October 1, 2023. | ||
| SECTION 5. 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 on the 91st day after the last day of the | ||
| legislative session. | ||
