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A BILL TO BE ENTITLED
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AN ACT
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relating to the service retirement annuity of certain members of |
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the Judicial Retirement System of Texas Plan One and the Judicial |
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Retirement System of Texas Plan Two. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 834.102(c), Government Code, is amended |
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to read as follows: |
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(c) The service retirement annuity of a member qualifying |
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for retirement under Section 834.101(a) is the applicable state |
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salary under Subsection (a), multiplied by a percentage amount that |
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is the sum of 50 percent plus the product of three [two] percent |
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multiplied by the number of years of subsequent service credit the |
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member accrues under Section 835.1015(a). After including any |
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increase under Subsection (b), the service retirement annuity under |
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this subsection may not be an amount that is greater than 90 [80] |
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percent of the applicable salary under Subsection (a). |
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SECTION 2. Sections 839.102(d) and (f), Government Code, |
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are amended to read as follows: |
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(d) The service retirement annuity of a member qualifying |
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for retirement under Section 839.101(a) is the applicable state |
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salary under Subsection (a) multiplied by a percentage amount that |
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is the sum of 50 percent plus the product of three [two] percent |
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multiplied by the number of years of subsequent service credit the |
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member accrues under Section 840.1025(a). After including any |
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increase under Subsection (b), the service retirement annuity under |
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this subsection may not be an amount that is greater than 90 [80] |
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percent of the applicable salary under Subsection (a). |
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(f) The service retirement annuity of a member qualifying |
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for retirement under Section 839.101(a)(4) is the applicable state |
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salary under Subsection (a) multiplied by a percentage amount that |
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is the sum of 50 percent plus the product of three [two] percent |
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multiplied by the number of years of subsequent service credit the |
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member accrues under Section 840.1027. After including any |
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increase under Subsection (b), the service retirement annuity under |
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this subsection may not be an amount that is greater than 90 [80] |
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percent of the applicable salary under Subsection (a). |
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SECTION 3. (a) The changes in law made by this Act apply |
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only to an annuity payment under Sections 834.102(c) and 839.102(d) |
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and (f), Government Code, as amended by this Act, made on or after |
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September 1, 2007. |
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(b) The board of trustees of the Employees Retirement System |
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of Texas shall recompute an annuity that first became payable |
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before September 1, 2007, as though the changes in law made by this |
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Act to Sections 834.102(c) and 839.102(d) and (f), Government Code, |
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were in effect on the date the annuity first became payable. |
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(c) The first payment of the recomputed annuity under |
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Subsection (b) of this section is payable on the first payment date |
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occurring on or after September 1, 2007. |
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SECTION 4. This Act takes effect September 1, 2007. |