88(4) HB 28 - Introduced version - Bill Text
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A BILL TO BE ENTITLED
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AN ACT
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relating to a cost-of-living adjustment applicable to certain |
 
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benefits paid by the Employees Retirement System of Texas and a |
 
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biennial study on providing additional adjustments based on the |
 
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effects of increased inflation. |
 
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             BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
 
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             SECTION  1.    Subchapter G, Chapter 814, Government Code, is |
 
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amended by adding Section 814.605 to read as follows: |
 
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             Sec.  814.605.    ONE-TIME ADJUSTMENT TO BENEFITS. (a) The |
 
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amount of a monthly service retirement benefit, disability |
 
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retirement benefit, or death benefit paid under this chapter to a |
 
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retiree or beneficiary for service credited in the employee class |
 
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is increased to include a one-time 10 percent adjustment in |
 
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accordance with this section. |
 
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             (b)    The board of trustees shall recompute the amount of a |
 
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benefit paid monthly under this chapter by applying the 10 percent |
 
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adjustment to the monthly amount otherwise required to be paid as |
 
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determined in accordance with this chapter. |
 
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             SECTION  2.    Subchapter F, Chapter 815, Government Code, is |
 
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amended by adding Section 815.5105 to read as follows: |
 
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             Sec.  815.5105.    BIENNIAL STUDY AND REPORT ON PROVIDING |
 
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ADDITIONAL COST-OF-LIVING ADJUSTMENTS BASED ON EFFECTS OF |
 
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INFLATION. Not later than January 1 of each odd-numbered year, the |
 
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retirement system shall: |
 
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                         (1)    conduct a study to evaluate and identify the |
 
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effects, if any, that increased inflation has had on annuitants of |
 
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the system: |
 
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                                     (A)    during the preceding state fiscal biennium; |
 
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and |
 
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                                     (B)    if applicable, since annuitants last |
 
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received a cost-of-living adjustment; and |
 
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                         (2)    submit a written report to the legislature |
 
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containing: |
 
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                                     (A)    findings of the study; and |
 
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                                     (B)    if appropriate, recommendations for |
 
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potential legislation to address any adverse effects of inflation |
 
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identified under Subdivision (1), including specific |
 
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recommendations regarding whether and in what amount the |
 
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legislature would need to provide a cost-of-living adjustment to |
 
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the benefits of annuitants to remedy those effects. |
 
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             SECTION  3.    Section 814.604, Government Code, is repealed. |
 
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             SECTION  4.    Section 814.605, Government Code, as added by |
 
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this Act, applies only to a monthly benefit payment made by the |
 
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Employees Retirement System of Texas on or after October 1, 2023. |
 
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             SECTION  5.    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 on the 91st day after the last day of the |
 
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legislative session. |