By Serna H.B. No. 2927
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to contributions to the Optional Retirement Program.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS.
1-4 SECTION 1. Section 830.201, Government Code, is amended to
1-5 read as follows:
1-6 Sec. 830.201. Contributions. (a) Each fiscal year the
1-7 state shall contribute to the optional retirement program from the
1-8 general revenue fund an amount equal to 7.31 percent <(8.5 percent)>
1-9 of the aggregate annual compensation of all participants in the
1-10 program during that year. The legislature may not appropriate
1-11 contributions to the optional retirement program at a different
1-12 rate. An institution of higher education shall contribute from
1-13 local funds to the optional retirement program 1.19 percent of the
1-14 aggregate compensation of all participants in the program during
1-15 that year at the institution. A participant in the optional
1-16 retirement program shall contribute 6.65 percent of the person's
1-17 annual compensation.
1-18 (b) Contributions required by this section shall be credited
1-19 to the benefit of the participant.
1-20 (c) In this section, "annual compensation" has the meaning
1-21 assigned to that term by Section 821.001(4).
1-22 (d) In this section, "institution of higher education" has
1-23 the meaning assigned to that term by Section 61.003, Education
2-1 Code.
2-2 SECTION 2. This Act takes effect September 1, 1995.
2-3 SECTION 3. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended.