82R5881 SGA-D
By: Lozano H.B. No. 832
A BILL TO BE ENTITLED
AN ACT
relating to a cost of living increase applicable to benefits paid by
the Teacher Retirement System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 824, Government Code, is
amended by adding Section 824.008 to read as follows:
Sec. 824.008. ADJUSTMENT FOR COST OF LIVING. (a) The
amount of a service retirement benefit, disability retirement
benefit, or death benefit paid under this chapter is adjusted in
accordance with this section as necessary to reflect inflation.
(b) Each year, during the last seven days of October, the
board of trustees shall set the rate of the adjustment for the next
calendar year to equal the percentage increase, if any, in the
Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) most recently published by the Bureau of Labor Statistics
of the United States Department of Labor and used by the United
States Social Security Administration to provide a cost-of-living
adjustment for Social Security benefit payments payable beginning
in January of the next year.
(c) The board of trustees shall recompute the amount of a
benefit paid under this chapter by applying the adjustment computed
under Subsection (b) to the amount otherwise required to be paid as
determined in accordance with the other applicable provisions of
this chapter.
SECTION 2. This Act applies only to a benefit paid by the
Teacher Retirement System of Texas on or after January 1, 2012.
SECTION 3. 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, 2011.