Bill Text: TX HB45 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to a cost-of-living increase applicable to benefits paid by the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-05-04 - Left pending in committee [HB45 Detail]
Download: Texas-2015-HB45-Introduced.html
84R1584 SGA-D | ||
By: Martinez | H.B. No. 45 |
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relating to a cost-of-living increase applicable to benefits paid | ||
by the Teacher Retirement System of Texas. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 824, Government Code, is | ||
amended by adding Section 824.009 to read as follows: | ||
Sec. 824.009. ADJUSTMENT FOR COST OF LIVING; ANNUAL | ||
DETERMINATION. (a) The amount of a service retirement benefit, | ||
disability retirement benefit, or death benefit paid under this | ||
chapter is adjusted in accordance with this section as necessary to | ||
reflect inflation. | ||
(b) Each year, during the last seven days of October, the | ||
board of trustees shall set the rate of the adjustment for the next | ||
calendar year to equal the percentage increase, if any, in the | ||
Consumer Price Index for Urban Wage Earners and Clerical Workers | ||
(CPI-W) most recently published by the Bureau of Labor Statistics | ||
of the United States Department of Labor and used by the United | ||
States Social Security Administration to provide a cost-of-living | ||
adjustment for social security benefit payments payable beginning | ||
in January of the next year. | ||
(c) The board of trustees shall recompute the amount of a | ||
benefit paid under this chapter by applying the adjustment computed | ||
under Subsection (b) to the amount otherwise required to be paid as | ||
determined in accordance with the other applicable provisions of | ||
this chapter. | ||
(d) The board of trustees may not pay a benefit increase | ||
under this section in any calendar year unless the board finds that | ||
the retirement system is actuarially sound and has money available | ||
to pay increased benefits in that year. If the board of trustees | ||
finds that the retirement system is actuarially sound but that the | ||
amount of money available is not sufficient to pay the full amount | ||
of the adjustment under Subsection (b), the board shall compute the | ||
largest rate of adjustment possible for the amount of money | ||
available while maintaining the actuarial soundness of the system | ||
and shall use that rate in recomputing the benefit amount under | ||
Subsection (c) for that calendar year. | ||
SECTION 2. This Act applies only to a benefit paid by the | ||
Teacher Retirement System of Texas on or after January 1, 2016. | ||
SECTION 3. 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, 2015. |