Bill Text: TX HB832 | 2011-2012 | 82nd 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 (Republican 1-0)
Status: (Introduced - Dead) 2011-02-23 - Referred to Pensions, Investments & Financial Services [HB832 Detail]
Download: Texas-2011-HB832-Introduced.html
82R5881 SGA-D | ||
By: Lozano | H.B. No. 832 |
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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 824.008 to read as follows: | ||
Sec. 824.008. ADJUSTMENT FOR COST OF LIVING. (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. | ||
SECTION 2. This Act applies only to a benefit paid by the | ||
Teacher Retirement System of Texas on or after January 1, 2012. | ||
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, 2011. |