Bill Text: TX SB33 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to adjustments to certain benefits paid by the Teacher Retirement System of Texas.
Sponsorship: Partisan Bill (Democrat 2)
Status: (Introduced - Dead) 2023-03-07 - Co-author authorized [SB33 Detail]
Download: Texas-2023-SB33-Introduced.html
| 88R3311 JCG-D | ||
| By: Zaffirini | S.B. No. 33 | |
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| relating to adjustments to certain benefits paid by the Teacher | ||
| Retirement System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter H, Chapter 824, Government Code, is | ||
| amended by adding Sections 824.7015 and 824.703 to read as follows: | ||
| Sec. 824.7015. ADJUSTMENT TO BENEFITS. (a) | ||
| Notwithstanding Section 824.702, the amount of a monthly service | ||
| retirement benefit, disability retirement benefit, or death | ||
| benefit paid under this chapter 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 the other applicable provisions of | ||
| this chapter and other law. | ||
| Sec. 824.703. COST-OF-LIVING ADJUSTMENTS FOR INFLATION; | ||
| ANNUAL DETERMINATION. (a) Notwithstanding any other law, 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 annual percentage increase, if any, in | ||
| the Consumer Price Index for Urban Wage Earners and Clerical | ||
| Workers (CPI-W) published by the Bureau of Labor Statistics of the | ||
| United States Department of Labor as determined by the commissioner | ||
| of social security under 42 U.S.C. Section 415(i) for purposes of | ||
| providing an annual cost-of-living increase to social security | ||
| benefit payments payable in the next calendar year. | ||
| (c) Subject to Subsection (d), the board of trustees shall | ||
| increase the amount of a benefit payable under this chapter by | ||
| applying the adjustment rate set by the board of trustees 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 increasing benefits under Subsection (c) | ||
| for that calendar year. | ||
| SECTION 2. Sections 824.7015 and 824.703, Government Code, | ||
| as added by this Act, apply only to a benefit paid by the Teacher | ||
| Retirement System of Texas on or after January 1, 2024. | ||
| SECTION 3. This Act takes effect September 1, 2023. | ||
