By: Ogden S.B. No. 1536
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
A BILL TO BE ENTITLED
AN ACT
1-1 relating to an increase in the benefits payable from the Teacher
1-2 Retirement System.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Sections 824.203(a) and (e), Government Code, are
1-5 amended and subsection (f) is added to read as follows:
1-6 (a) Except as provided by Subsections (c), (d), [and] (e), and
1-7 (f), the standard service retirement annuity is an amount computed
1-8 on the basis of the member's average annual compensation for the
1-9 three years of service, whether or not consecutive, in which the
1-10 member received the highest annual compensation, times two percent
1-11 for each year of service credit in the retirement system.
1-12 (e) Except as provided by subsection (f), the [The] annual
1-13 standard service retirement annuity for a person who immediately
1-14 before retirement holds a position as a classroom teacher or
1-15 full-time librarian, or the annual death benefit annuity based on
1-16 the service of a member who at the time of death held a position as
1-17 a classroom teacher or full-time librarian, may not be less than an
1-18 amount computed on the basis of the minimum annual salary provided
1-19 by the Education Code for a classroom teacher or full-time
1-20 librarian, multiplied by two percent for each year of service
1-21 credit in the retirement system.
1-22 (f) The standard service retirement annuity is an amount
2-1 computed on the basis of the member's average annual compensation
2-2 for the three years of service, whether or not consecutive, in
2-3 which the member received the highest annual compensation, times
2-4 2.25 percent for those with at least thirty years of service
2-5 credit.
2-6 SECTION 2. (a) Monthly payments of a death or retirement
2-7 benefit annuity by the Teacher Retirement System of Texas are
2-8 increased beginning with the payment due at the end of September
2-9 1999.
2-10 (b) The increase does not apply to payments under Section
2-11 824.304(a), 824.404, or 824.501, Government Code.
2-12 (c) Except as provided by Subsections (d) and (e) of this
2-13 section, the amount of the monthly increase is computed by
2-14 multiplying the previous monthly benefit by a percentage determined
2-15 in accordance with the following table:
2-16 LATEST RETIREMENT DATE OR,
2-17 IF APPLICABLE, DATE OF DEATH INCREASE
2-18 Before September 1, 1973 5%
2-19 On or after September 1, 1973, but before September 1, 1974 6%
2-20 On or after September 1, 1974, but before September 1, 1979 5%
2-21 On or after September 1, 1979, but before September 1, 1981 6%
2-22 On or after September 1, 1981, but before September 1, 1982 7%
2-23 On or after September 1, 1982, but before September 1, 1983 6%
2-24 On or after September 1, 1983, but before September 1, 1990 7%
2-25 On or after September 1, 1990, but before September 1, 1991 6%
2-26 On or after September 1, 1991, but before September 1, 1992 7%
3-1 On or after September 1, 1992, but before September 1, 1995 6%
3-2 On or after September 1, 1995, but before September 1, 1997 5%
3-3 (d) After making the computations required by Subsection (c)
3-4 of this section and except for Subsection (e), the retirement
3-5 system shall increase each recomputed annuity by five percent,
3-6 which is a benefit equivalent to the benefit provided by using a
3-7 2.1 percent multiplier for computing annuities.
3-8 (e) The retirement system shall increase each recomputed
3-9 annuity based on the service of a member who had at least thirty
3-10 years of service credit by 12.5 percent, which is a benefit
3-11 equivalent to the benefit provided by using a 2.25 percent
3-12 multiplier.
3-13 SECTION 3. This Act takes effect September 1, 1999.
3-14 SECTION 4. The importance of this legislation and the
3-15 crowded condition of the calendars in both houses create an
3-16 emergency and an imperative public necessity that the
3-17 constitutional rule requiring bills to be read on three several
3-18 days in each house be suspended, and this rule is hereby suspended.