By: Barrientos S.B. No. 1318
73R7321 SOS-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to providing for a benefit increase in certain annuities
1-3 payable by the Teacher Retirement System of Texas.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. (a) Monthly payments of a death or retirement
1-6 benefit annuity by the Teacher Retirement System of Texas are
1-7 increased beginning with the payment due at the end of September
1-8 1993.
1-9 (b) The increase applies only if the latest effective date
1-10 of retirement of the person on whose account the benefit is based,
1-11 or the date of death in the case of a death benefit annuity,
1-12 occurred before September 1, 1992. The increase does not apply to
1-13 payments received under Section 824.304(a), 824.404, or 824.501,
1-14 Government Code.
1-15 (c) Except as provided by Subsection (e) of this section,
1-16 the amount of the monthly increase is computed by multiplying the
1-17 previous monthly benefit by a percentage determined in accordance
1-18 with the following table:
1-19 Retirement Date or, if applicable, Date of Death Increase
1-20 Before September 1, 1968 6 percent
1-21 On or after September 1, 1968, but before September 1, 1969 15 percent
1-22 On or after September 1, 1969, but before September 1, 1970 12.5 percent
1-23 On or after September 1, 1970, but before September 1, 1971 26 percent
1-24 On or after September 1, 1971, but before September 1, 1972 24.5 percent
2-1 On or after September 1, 1972, but before September 1, 1973 26 percent
2-2 On or after September 1, 1973, but before September 1, 1974 31.5 percent
2-3 On or after September 1, 1974, but before September 1, 1975 24.5 percent
2-4 On or after September 1, 1975, but before September 1, 1976 21.5 percent
2-5 On or after September 1, 1976, but before September 1, 1977 29 percent
2-6 On or after September 1, 1977, but before September 1, 1978 26 percent
2-7 On or after September 1, 1978, but before September 1, 1979 22.5 percent
2-8 On or after September 1, 1979, but before September 1, 1980 20 percent
2-9 On or after September 1, 1980, but before September 1, 1981 14 percent
2-10 On or after September 1, 1981, but before September 1, 1982 11 percent
2-11 On or after September 1, 1982, but before September 1, 1983 9.5 percent
2-12 On or after September 1, 1983, but before September 1, 1984 10 percent
2-13 On or after September 1, 1984, but before September 1, 1985 11 percent
2-14 On or after September 1, 1985, but before September 1, 1986 9.5 percent
2-15 On or after September 1, 1986, but before September 1, 1987 11 percent
2-16 On or after September 1, 1987, but before September 1, 1988 9.5 percent
2-17 On or after September 1, 1988, but before September 1, 1989 8.5 percent
2-18 On or after September 1, 1989, but before September 1, 1990 6 percent
2-19 On or after September 1, 1990, but before September 1, 1991 3.5 percent
2-20 On or after September 1, 1991, but before September 1, 1992 1.5 percent
2-21 (d) The increase for a monthly retirement annuity to a
2-22 retiree is based on the retiree's latest effective retirement date.
2-23 The increase for a monthly retirement annuity being continued to a
2-24 beneficiary after the death of the retiree is based on the
2-25 retiree's retirement date. The increase for a death benefit
2-26 annuity is based on the date of death of the person on whose
2-27 account the benefit is based.
3-1 (e) The amount of the monthly increase to a retiree or
3-2 beneficiary under this section who immediately before the increase
3-3 receives a monthly annuity in an amount of at least $3,000 but less
3-4 than $4,000 is limited to not more than $200. The amount of the
3-5 monthly increase to a retiree or beneficiary under this section who
3-6 immediately before the increase receives a monthly annuity in the
3-7 amount of at least $4,000 but less than $5,000 is limited to not
3-8 more than $150. The amount of the monthly increase to a retiree or
3-9 beneficiary under this section who immediately before the increase
3-10 receives a monthly annuity in the amount of at least $5,000 is
3-11 limited to not more than $100.
3-12 SECTION 2. The importance of this legislation and the
3-13 crowded condition of the calendars in both houses create an
3-14 emergency and an imperative public necessity that the
3-15 constitutional rule requiring bills to be read on three several
3-16 days in each house be suspended, and this rule is hereby suspended,
3-17 and that this Act take effect and be in force from and after its
3-18 passage, and it is so enacted.