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Amend HB 2427 (house committee printing) by inserting the
following SECTIONS, appropriately numbered, and renumbering
SECTIONS of the bill accordingly:
SECTION ____. Subchapter A, Chapter 824, Government Code,
is amended by adding Section 824.007 to read as follows:
Sec. 824.007. BIENNIAL COST-OF-LIVING ADJUSTMENT. (a) The
amount of a monthly service retirement benefit, disability
retirement benefit, or death benefit paid under this chapter is
increased to include an annual cost-of-living adjustment in
accordance with this section.
(b) Effective September 1 of each odd-numbered year, the
board of trustees shall recompute the amount of a benefit paid
monthly under this chapter by applying a five percent
cost-of-living adjustment to the monthly amount otherwise required
to be paid as determined in accordance with this chapter, including
the amount of any previous cost-of-living adjustment made under
this section or other increase required by law.
SECTION ____. Not later than September 1, 2007, or as soon as
practicable after that date, the Board of Trustees of the Teacher
Retirement System of Texas shall make the first cost-of-living
adjustment under Section 824.007, Government Code, as added by this
Act.