|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to optional annuity increases for certain retirees and |
|
beneficiaries of the Texas Municipal Retirement System. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 853.404, Government Code, is amended by |
|
adding Subsection (f) to read as follows: |
|
(f) Notwithstanding Subsection (c) or any other law, the |
|
governing body of a municipality that adopts an ordinance under |
|
Section 854.203 providing for increased annuities effective |
|
January 1 of 2024 or 2025 may elect to compute the annuity increase |
|
as the sum of prior and current service annuities of the person on |
|
whose service the annuities are based on the effective date of the |
|
annuity increase multiplied by the percentage increase specified in |
|
the ordinance, except that an adjustment to the annuity after the |
|
annuity starting date for annuity increases under this subsection |
|
may not cause an annuitant's annuity to exceed the amount that the |
|
annuitant would be entitled to had the maximum amount of the annuity |
|
increase allowed under Section 854.203(b) been applied to the |
|
annuity. This subsection expires December 31, 2025. |
|
SECTION 2. This Act takes effect immediately if it receives |
|
a vote of two-thirds of all the members elected to each house, as |
|
provided by Section 39, Article III, Texas Constitution. If this |
|
Act does not receive the vote necessary for immediate effect, this |
|
Act takes effect September 1, 2023. |