| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the cash balance annuity for members of the legislature |
|
|
and the lieutenant governor. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 820.053(a), Government Code, is amended |
|
|
to read as follows: |
|
|
(a) The state match for the cash balance benefit for: |
|
|
(1) service credited to the employee or elected class |
|
|
of membership is an amount computed by multiplying the member's |
|
|
accumulated account balance by 150 percent; and |
|
|
(2) service credited to the employee class of |
|
|
membership by a member eligible to retire under this chapter as a |
|
|
law enforcement or custodial officer is an amount computed by |
|
|
multiplying the member's accumulated account balance by: |
|
|
(A) except as provided by Paragraph (B), 150 |
|
|
percent; and |
|
|
(B) for the portion of the accumulated account |
|
|
balance based on the member's additional two percent contribution |
|
|
under Section 820.101(b), including interest, attributable to |
|
|
service as a law enforcement or custodial officer, 300 percent, |
|
|
paid from the law enforcement and custodial officer supplemental |
|
|
retirement fund[; and |
|
|
[(3) subject to Subsection (c), service credited to the |
|
|
elected class of membership is an amount computed by multiplying |
|
|
the member's accumulated account balance by 150 percent]. |
|
|
SECTION 2. Section 820.053(c), Government Code, is |
|
|
repealed. |
|
|
SECTION 3. Section 820.053, Government Code, as amended by |
|
|
this Act, applies only to the cash balance annuity of a member of |
|
|
the elected class who is first eligible to become a member of the |
|
|
elected class on or after September 1, 2024. The cash balance |
|
|
annuity of a member of the elected class who is first eligible to |
|
|
become a member of the elected class before September 1, 2024, is |
|
|
governed by the law as it existed immediately before that date, and |
|
|
that law is continued in effect for that purpose. |
|
|
SECTION 4. This Act takes effect on the date on which the |
|
|
constitutional amendment proposed by the 88th Legislature, Regular |
|
|
Session, 2023, setting the salaries of members of the legislature |
|
|
and the lieutenant governor based on the average public school |
|
|
teacher salary in this state is approved by the voters. If that |
|
|
amendment is not approved by the voters, this Act has no effect. |