Bill Text: TX SB1786 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the contributions to the Teacher Retirement System of Texas and supplemental funding for public schools.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-26 - Referred to Finance [SB1786 Detail]
Download: Texas-2021-SB1786-Introduced.html
By: Taylor | S.B. No. 1786 | |
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relating to the contributions to the Teacher Retirement System of | ||
Texas and supplemental funding for public schools. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 825.4035, Government Code, is amended by | ||
amending Subsection (e) and adding Subsection (f) to read as | ||
follows: | ||
(e) For purposes of Subsections (b)(3)(A) and (c)(3)(A), | ||
the rate of contribution is: | ||
(1) 1.5 percent beginning with the report month of September | ||
2019 and ending with the report month of August 2020; | ||
(2) 1.6 percent beginning with the report month of September | ||
2020 and ending with the report month of August 2021; | ||
(3) 3.5 [ |
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September 2021 and ending with the report month of August 2022; | ||
(4) 3.5 [ |
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September 2022 and ending with the report month of August 2023; | ||
(5) 1.9 percent beginning with the report month of September | ||
2023 and ending with the report month of August 2024; and | ||
(6) two percent beginning with the report month of September | ||
2024 and for each subsequent report month. | ||
(f) Notwithstanding Subsections (b)(3) or (c)(3), for the | ||
reporting periods covered by Subsection (e)(3) and (e)(4), an | ||
employer subject to this subsection must make payments in | ||
accordance with Subsections (b)(3)(A) and (c)(3)(A). | ||
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, 2021. |