Relating to certain benefits payable by the Judicial Retirement System of Texas Plan One and the Judicial Retirement System of Texas Plan Two.
Impact
The bill is particularly relevant for annuitants who retired before September 1, 2019, as it sets a framework for how their benefits will be adjusted in accordance with any future salary increases legislated by the state. The amendments proposed in HB4540 aim to eliminate discrepancies in annuity payments based on outdated salary figures, potentially providing financial relief and a more equitable compensation for retired judges under the judicial retirement plans.
Summary
House Bill 4540 focuses on recalibrating the annuities payable to retired judges from the Judicial Retirement System of Texas Plan One and Plan Two. The bill stipulates that if any legislation increasing judges’ state salaries is passed, the Employees Retirement System of Texas must recompute the annuities to reflect the new salary figures. This ensures that the annuity payments are aligned with the latest salary changes for judges in the corresponding classification of service.
Sentiment
The sentiment regarding HB4540 appears to be generally supportive among legislative members, particularly those advocating for the adequate remuneration of judges who have served in the state judicial system. There were discussions around ensuring fairness in calculating current annuity benefits, indicating a recognition of the importance of maintaining an effective judicial retirement system.
Contention
While the bill received significant support, there were discussions and amendments proposed during committee sessions, suggesting that some members wish to ensure more thorough protections and adjustments to the calculations for all retired judges. Notably, one amendment aimed at modifying aspects of the recalibration process failed, signifying that there may still be contentious views on how best to manage retirement benefits effectively.
Relating to judicial compensation and assignment, the contributions to, benefits from, membership in, and administration of the Judicial Retirement System of Texas Plan One and Plan Two, and the compensation and retirement benefits of certain prosecutors and other members of the elected class of the Employees Retirement System of Texas.
Relating to the service retirement annuity of certain members of the Judicial Retirement System of Texas Plan One and the Judicial Retirement System of Texas Plan Two.
Relating to judicial compensation and the contributions to, benefits from, membership in, and administration of the Judicial Retirement System of Texas Plan One and Plan Two; making conforming changes.
Relating to providing a one-time supplemental payment and an annual cost-of-living adjustment applicable to certain benefits paid by the Judicial Retirement System of Texas Plan One and Judicial Retirement System of Texas Plan Two.