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A BILL TO BE ENTITLED
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AN ACT
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relating to inflation adjustments to retirement benefits provided |
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by certain rapid transit authorities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 451, Transportation Code, |
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is amended by adding Section 451.113 to read as follows: |
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Sec. 451.113. INFLATION ADJUSTMENTS TO RETIREMENT |
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BENEFITS. At least once a year the governing body of a retirement |
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system created or maintained by an authority established or |
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operating under this chapter, or in which the authority |
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participates, shall adjust for inflation the retirement benefits |
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paid to an individual receiving those benefits from the retirement |
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system. The adjustment shall be computed to the nearest cent using |
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the consumer price index for urban wage earners and clerical |
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workers (CPI-W), as computed by the United States Department of |
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Labor for the preceding 12 months, or another index that the |
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governing body determines accurately reflects changes in the cost |
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of living in the area of the authority. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |