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A BILL TO BE ENTITLED
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AN ACT
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relating to contributions to, benefits from, and the administration |
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of the Texas Municipal Retirement System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 851.006, Government Code, is amended to |
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read as follows: |
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Sec. 851.006. EXEMPTION FROM EXECUTION. (a) Except as |
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provided by Subsection (b), all [All] retirement annuity payments, |
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other benefit payments, and a member's accumulated contributions |
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are unassignable and are exempt from execution, garnishment, |
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attachment, and state and local taxation. |
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(b) The board of trustees by rule may authorize the |
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retirement system to make distributions to pay the qualified health |
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insurance premiums of a public safety officer in accordance with |
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the provisions of Section 845, Pension Protection Act of 2006, Pub. |
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L. No. 109-280. |
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SECTION 2. Section 853.402, Government Code, is amended by |
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adding Subsection (a-1) to read as follows: |
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(a-1) The board of trustees by rule may limit the increase |
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in a member's average updated service compensation from year to |
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year. |
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SECTION 3. Section 855.110, Government Code, is amended by |
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adding Subsection (c) to read as follows: |
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(c) The board of trustees, after consultation with the |
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actuary, by rule may set open or closed amortization periods not to |
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exceed 25 years. |
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SECTION 4. Subchapter E, Chapter 855, Government Code, is |
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amended by adding Section 855.4065 to read as follows: |
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Sec. 855.4065. ADDITIONAL EMPLOYER CONTRIBUTIONS. (a) In |
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addition to the contributions a participating municipality is |
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required to make under this subtitle, the board of trustees, after |
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consultation with the actuary, by rule may authorize a |
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participating municipality to make lump-sum or periodic employer |
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contributions to the retirement system to be deposited in the |
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municipality's account in the municipality accumulation fund. |
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(b) A contribution made under this section is not subject to |
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the maximum contribution rates under Sections 855.407 and 855.501. |
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SECTION 5. Section 853.402(g), Government Code, is |
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repealed. |
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SECTION 6. The change in law made by the repeal of Section |
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853.402(g), Government Code, by this Act applies only to the |
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computation of the updated service compensation of a person whose |
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effective date of retirement under the Texas Municipal Retirement |
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System is on or after September 1, 2007. The updated service |
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compensation of a person whose effective date of retirement is |
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before September 1, 2007, is computed according to the law in effect |
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on the effective date of the person's retirement, and that law is |
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continued in effect for that purpose. |
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SECTION 7. (a) Except as provided by Subsection (b) of this |
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section, this Act takes effect September 1, 2007. |
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(b) The following sections take effect January 1, 2008: |
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(1) Section 851.006, Government Code, as amended by |
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this Act; and |
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(2) Sections 853.402(a-1), 855.110(c), and 855.4065, |
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Government Code, as added by this Act. |