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A BILL TO BE ENTITLED
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AN ACT
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relating to annual cost-of-living increases applicable to benefits |
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paid by the Teacher Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter H, Chapter 824, Government Code, is |
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amended by adding Section 824.703 to read as follows: |
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Sec. 824.703. ANNUAL COST-OF-LIVING ADJUSTMENTS FOR |
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INFLATION. (a) Notwithstanding any other law, the amount of a |
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service retirement benefit, disability retirement benefit, or |
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death benefit paid under this chapter is adjusted in accordance |
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with this section as necessary to reflect inflation. |
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(b) On January 1 of each year, the board of trustees shall |
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increase the amount of each benefit payable under this chapter by a |
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percentage rate equal to the percentage increase, if any, during |
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the preceding state fiscal year in the Consumer Price Index for All |
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Urban Consumers published by the United States Department of Labor, |
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Bureau of Labor Statistics, or if that index is discontinued or |
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superseded, a similar index selected or calculated by the |
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comptroller. |
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SECTION 2. This Act applies only to a benefit paid by the |
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Teacher Retirement System of Texas on or after January 1, 2024. |
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SECTION 3. This Act takes effect September 1, 2023. |