Bill Text: TX HB731 | 2011-2012 | 82nd Legislature | Introduced


Bill Title: Relating to the state contribution to and certain annuities under the Teacher Retirement System of Texas.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-02-22 - Referred to Pensions, Investments & Financial Services [HB731 Detail]

Download: Texas-2011-HB731-Introduced.html
  82R5252 TJS-F
 
  By: Hopson H.B. No. 731
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the state contribution to and certain annuities under
  the Teacher Retirement System of Texas.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 824.203(a), Government Code, is amended
  to read as follows:
         (a)  Except as provided by Subsections (c) and (d), the
  standard service retirement annuity is an amount computed on the
  basis of the member's average annual compensation for the three
  [five] years of service, whether or not consecutive, in which the
  member received the highest annual compensation, times 2.3 percent
  for each year of service credit in the retirement system.
         SECTION 2.  Section 825.404(a), Government Code, is amended
  to read as follows:
         (a)  During each fiscal year, the state shall contribute to
  the retirement system an amount equal to at least seven [six and not
  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. The state may contribute a
  higher amount specified in the General Appropriations Act but may
  not contribute more than 10 percent of the aggregate annual
  compensation of all members of the retirement system during that
  fiscal year.
         SECTION 3.  (a)  Notwithstanding Sections 824.203(a) and
  (b), Government Code, and subject to Section 821.006, Government
  Code, the board of trustees of the Teacher Retirement System of
  Texas shall recompute the amount of a standard service retirement
  annuity under Chapter 824, Government Code, by applying a one-time
  four percent increase to the monthly amount otherwise required to
  be paid as determined in accordance with Chapter 824, Government
  Code, including the amount of any previous increase made under
  other law.
         (b)  An increase under Subsection (a) of this section is
  payable beginning on September 1, 2011.
         (c)  An increase under Subsection (a) of this section is
  payable without regard to any forfeiture of benefits under Section
  824.601, Government Code.
         (d)  To be eligible for an increase under Subsection (a) of
  this section, a person must be, for the month of August 2011, and
  disregarding any forfeiture of benefits under Section 824.601,
  Government Code, an annuitant eligible to receive:
               (1)  a standard retirement annuity payment; or
               (2)  an optional retirement annuity payment as either a
  retiree or beneficiary.
         (e)  Except as provided by this section, the board of
  trustees of the Teacher Retirement System of Texas shall determine
  the eligibility for an increase under Subsection (a) of this
  section.
         SECTION 4.  Section 824.203(a), Government Code, as amended
  by this Act, applies only to a person who retires from the Teacher
  Retirement System of Texas on or after the effective date of this
  Act.  A person who retires from the Teacher Retirement System of
  Texas before the effective date of this Act is governed by the law
  as it existed immediately before the effective date of this Act, and
  that law is continued in effect for that purpose.
         SECTION 5.  Section 825.404(a), Government Code, as amended
  by this Act, applies beginning with the fiscal year that begins
  September 1, 2011.
         SECTION 6.  This Act takes effect September 1, 2011.
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