Bill Text: TX SB680 | 2019-2020 | 86th Legislature | Introduced

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Bill Title: Relating to the maximum service retirement annuity for members of public retirement systems.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2019-03-01 - Referred to State Affairs [SB680 Detail]

Download: Texas-2019-SB680-Introduced.html

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86R7375 TSR-D
By: Fallon S.B. No. 680

A BILL TO BE ENTITLED
AN ACT
relating to the maximum service retirement annuity for members of
public retirement systems.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 810, Government Code, is amended by
adding Section 810.006 to read as follows:
Sec. 810.006. LIMIT ON AMOUNT OF SERVICE RETIREMENT
ANNUITY. (a) In this section, "public retirement system" has the
meaning assigned by Section 802.001.
(b) Notwithstanding any other law, the service retirement
annuity for service credit accrued by a member of a public
retirement system who becomes a member on or after September 1,
2019, and is eligible to retire may not exceed the lesser of:
(1) the basic pay of a member of the United States
armed forces on active duty at the highest salary for pay grade O-10
as described by 37 U.S.C. Section 201(a); or
(2) the annual rate of basic pay for a position under
level II of the Executive Schedule as determined under 5 U.S.C.
Section 5313.
SECTION 2. This Act takes effect September 1, 2019.