| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to computation of the standard service |
|
|
annuity under the |
|
|
Teacher Retirement System of Texas. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 824.203(a), Government Code, is amended |
|
|
to read as follows: |
|
|
(a) Except as provided by Subsections (c) and (d), the |
|
|
standard service retirement annuity is an amount computed on the |
|
|
basis of the member's average annual compensation for the three |
|
|
[five] years of service, whether or not consecutive, in which the |
|
|
member received the highest annual compensation, times 2.3 percent |
|
|
for each year of service credit in the retirement system. |
|
|
SECTION 2. Section 824.203, Government Code, as amended by |
|
|
this Act, applies only to a person who retires from the Teacher |
|
|
Retirement System of Texas on or after the effective date of this |
|
|
Act. A person who retires from the Teacher Retirement System of |
|
|
Texas before the effective date of this Act is governed by the law |
|
|
as it existed immediately before the effective date of this Act, and |
|
|
that law is continued in effect for that purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2007. |