HB 792 would make administrative changes to the governing statute of the Teacher Retirement System of Texas by prohibiting certain employees' salary increases or bonuses of any type until after a cost of living adjustment is made for benefits paid under Chapter 824 of Government Code, 30 days after which the bill would expire. The bill also states that the system would not be permitted to renew or enter into a contract with a private professional investment manager if the contract provides for a bonus or pay increase based on the performance of investments. Finally, the bill directs the system that before the provisions of the bill expire, they must produce a written report on the amount of the cost of living adjustment and the date of the first annuity payments that include the adjustment. 

The bill, if enacted, will not have an actuarial effect on any public retirement system because it does not propose to change their benefit structure, funding or obligations.