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Senate Bill 1846 |
Senate Author: Duncan |
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Effective: 9-1-07 |
House Sponsor: Truitt |
Senate Bill 1846 amends the Government Code to authorize the board of trustees of the Teacher Retirement System of Texas (TRS) to require an increase in the rate of a member's contribution to not more than 6.58 percent of the member's annual salary if certain requirements are met. The bill specifies that the state contribution rate to TRS in a fiscal year may not be less than the member contribution rate during that fiscal year and is 6.58 percent of the member's annual salary for the fiscal biennium ending September 1, 2009. The bill requires TRS to make a one-time supplemental benefit payment to eligible annuitants by September 2007 equal to the lesser of $2,400 or the amount of the annuitant's August 2007 regular annuity payment.