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A BILL TO BE ENTITLED
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AN ACT
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relating to member contributions to the Texas Municipal Retirement |
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System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 855.401(a), Government Code, is amended |
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to read as follows: |
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(a) Each municipality that has one or more departments |
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participating in the retirement system by ordinance shall designate |
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the rate of member contributions for employees. The municipality |
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shall elect a rate of five, six, [or] seven, or eight percent of the |
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employees' compensation. All departments of a participating |
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municipality must have the same employee contribution rate, except |
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that any municipality that before September 1, 1991, has elected to |
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have different rates of member contributions in different |
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departments may continue member contributions in accordance with |
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its existing ordinances until the municipality elects to equalize |
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the rates. |
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SECTION 2. This Act takes effect September 1, 2023. |