88(3) SB 66 - Introduced version - Bill Text

	By:  Eckhardt, et al.	S.B.  No.  66

	A BILL TO BE ENTITLED
	AN ACT
	relating to a cost-of-living adjustment applicable to certain
	benefits paid by the Employees Retirement System of Texas and a
	biennial study on providing additional adjustments based on the
	effects of increased inflation.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION  1.    Subchapter G, Chapter 814, Government Code, is
	amended by adding Section 814.605 to read as follows:
	Sec.  814.605.    ONE-TIME ADJUSTMENT TO BENEFITS. (a) The
	amount of a monthly service retirement benefit, disability
	retirement benefit, or death benefit paid under this chapter to a
	retiree or beneficiary for service credited in the employee class
	is increased to include a one-time 10 percent adjustment in
	accordance with this section.
	(b)    The board of trustees shall recompute the amount of a
	benefit paid monthly under this chapter by applying the 10 percent
	adjustment to the monthly amount otherwise required to be paid as
	determined in accordance with this chapter.
	SECTION  2.    Subchapter F, Chapter 815, Government Code, is
	amended by adding Section 815.5105 to read as follows:
	Sec.  815.5105.    BIENNIAL STUDY AND REPORT ON PROVIDING
	ADDITIONAL COST-OF-LIVING ADJUSTMENTS BASED ON EFFECTS OF
	INFLATION. Not later than January 1 of each odd-numbered year, the
	retirement system shall:
	(1)    conduct a study to evaluate and identify the
	effects, if any, that increased inflation has had on annuitants of
	the system:
	(A)    during the preceding state fiscal biennium;
	and
	(B)    if applicable, since annuitants last
	received a cost-of-living adjustment; and
	(2)    submit a written report to the legislature
	containing:
	(A)    findings of the study; and
	(B)    if appropriate, recommendations for
	potential legislation to address any adverse effects of inflation
	identified under Subdivision (1), including specific
	recommendations regarding whether and in what amount the
	legislature would need to provide a cost-of-living adjustment to
	the benefits of annuitants to remedy those effects.
	SECTION  3.    Section 814.604, Government Code, is repealed.
	SECTION  4.    Section 814.605, Government Code, as added by
	this Act, applies only to a monthly benefit payment made by the
	Employees Retirement System of Texas on or after September 1, 2024.
	SECTION  5.    This Act takes effect on the 91st day after the
	last day of the legislative session.