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A BILL TO BE ENTITLED
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AN ACT
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relating to optional annuity increases for certain retirees and |
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beneficiaries of the Texas Municipal Retirement System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 853.404, Government Code, is amended by |
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adding Subsection (f) to read as follows: |
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(f) Notwithstanding Subsection (c) or any other law, the |
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governing body of a municipality that adopts an ordinance under |
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Section 854.203 providing for increased annuities effective |
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January 1 of 2024 or 2025 may elect to compute the annuity increase |
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as the sum of prior and current service annuities of the person on |
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whose service the annuities are based on the effective date of the |
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annuity increase multiplied by the percentage increase specified in |
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the ordinance, except that an adjustment to the annuity after the |
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annuity starting date for annuity increases under this subsection |
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may not cause an annuitant's annuity to exceed the amount that the |
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annuitant would be entitled to had the maximum amount of the annuity |
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increase allowed under Section 854.203(b) been applied to the |
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annuity. This subsection expires December 31, 2025. |
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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, 2023. |