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A BILL TO BE ENTITLED
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AN ACT
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relating to the state contribution to the Teacher Retirement System |
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of Texas, including an adjustment to the standard service |
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retirement annuity. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 824.203, Government Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) Notwithstanding Subsections (a) and (b), the amount of a |
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standard service retirement annuity is increased by four percent of |
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the amount otherwise required to be paid as determined under this |
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section and the other applicable provisions of this chapter. |
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SECTION 2. Section 825.404(a), Government Code, is amended |
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to read as follows: |
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(a) During each fiscal year, the state shall contribute to |
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the retirement system an amount equal to at least seven [six and not
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more than 10] percent of the aggregate annual compensation of all |
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members of the retirement system during that fiscal year. The state |
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shall contribute a higher amount specified in the General |
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Appropriations Act but may not contribute more than 10 percent of |
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the aggregate annual compensation of all members of the retirement |
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system during that fiscal year. |
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SECTION 3. Section 824.203, Government Code, as amended by |
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this Act, applies only to a monthly benefit payment of a standard |
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service retirement annuity made by the Teacher Retirement System of |
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Texas on or after September 1, 2007. |
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SECTION 4. Section 825.404(a), Government Code, as amended |
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by this Act, applies beginning with the fiscal year that begins |
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September 1, 2007. |
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SECTION 5. This Act takes effect September 1, 2007. |