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AN ACT
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relating to the contributions to the Teacher Retirement System of |
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Texas and supplemental funding for public schools. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 825.4035, Government Code, is amended by |
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amending Subsection (e) and adding Subsection (f) to read as |
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follows: |
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(e) For purposes of Subsections (b)(3)(A) and (c)(3)(A), |
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the rate of contribution is: |
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(1) 1.5 percent beginning with the report month of September |
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2019 and ending with the report month of August 2020; |
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(2) 1.6 percent beginning with the report month of September |
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2020 and ending with the report month of August 2021; |
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(3) 3.5 [1.7] percent beginning with the report month of |
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September 2021 and ending with the report month of August 2022; |
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(4) 3.5 [1.8] percent beginning with the report month of |
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September 2022 and ending with the report month of August 2023; |
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(5) 1.9 percent beginning with the report month of September |
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2023 and ending with the report month of August 2024; and |
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(6) two percent beginning with the report month of September |
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2024 and for each subsequent report month. |
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(f) Notwithstanding Subsections (b)(3) or (c)(3), for the |
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reporting periods covered by Subsection (e)(3) and (e)(4), an |
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employer subject to this subsection must make payments in |
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accordance with Subsections (b)(3)(A) and (c)(3)(A). |
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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, 2021. |