80R5088 DLF-F
 
  By: Carona S.B. No. 425
 
 
 
   
 
 
A BILL TO BE ENTITLED
AN ACT
relating to the state contribution to the Teacher Retirement System
of Texas, including an adjustment to the standard service
retirement annuity.
       BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
       SECTION 1.  Section 824.203, Government Code, is amended by
adding Subsection (e) to read as follows:
       (e)  Notwithstanding Subsections (a) and (b), the amount of a
standard service retirement annuity is increased by four percent of
the amount otherwise required to be paid as determined under this
section and the other applicable provisions of this chapter.
       SECTION 2.  Section 825.404(a), Government Code, is amended
to read as follows:
       (a)  During each fiscal year, the state shall contribute to
the retirement system an amount equal to at least seven [six and not
more than 10] percent of the aggregate annual compensation of all
members of the retirement system during that fiscal year.  The state
shall contribute a higher amount specified in the General
Appropriations Act but may not contribute more than 10 percent of
the aggregate annual compensation of all members of the retirement
system during that fiscal year.
       SECTION 3.  Section 824.203, Government Code, as amended by
this Act, applies only to a monthly benefit payment of a standard
service retirement annuity made by the Teacher Retirement System of
Texas on or after September 1, 2007.
       SECTION 4.  Section 825.404(a), Government Code, as amended
by this Act, applies beginning with the fiscal year that begins
September 1, 2007.
       SECTION 5.  This Act takes effect September 1, 2007.