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A BILL TO BE ENTITLED
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AN ACT
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relating to the contributions to and benefits under the Teacher |
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Retirement System of Texas. |
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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) to read as 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 |
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September 2019 and ending with the report month of August 2020; |
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(2) 1.6 percent beginning with the report month of |
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September 2020 and ending with the report month of August 2021; |
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(3) [1.7] 1.8 percent beginning with the report month |
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of September 2021 and ending with the report month of August 2022; |
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(4) 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 |
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September 2023 and ending with the report month of August 2024; and |
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(6) two percent beginning with the report month of |
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September 2024 and for each subsequent report month. |
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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. |