| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R4864 TSR-D | |
| 2 | 2 | By: Fallon H.B. No. 632 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the maximum service retirement annuity for members of | |
| 8 | 8 | public retirement systems. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Chapter 810, Government Code, is amended by | |
| 11 | 11 | adding Section 810.002 to read as follows: | |
| 12 | 12 | Sec. 810.002. LIMIT ON AMOUNT OF SERVICE RETIREMENT | |
| 13 | 13 | ANNUITY. (a) In this section, "public retirement system" has the | |
| 14 | 14 | meaning assigned by Section 802.001. | |
| 15 | 15 | (b) Notwithstanding any other law, the service retirement | |
| 16 | 16 | annuity for service credit accrued by a member of a public | |
| 17 | 17 | retirement system who becomes a member on or after September 1, | |
| 18 | 18 | 2017, and is eligible to retire may not exceed the lesser of: | |
| 19 | 19 | (1) the basic pay of a member of the United States | |
| 20 | 20 | armed forces on active duty at the highest salary for pay grade O-10 | |
| 21 | 21 | as defined by 37 U.S.C. Section 201(a); or | |
| 22 | 22 | (2) the annual rate of basic pay for a position under | |
| 23 | 23 | level II of the Executive Schedule as defined by 5 U.S.C. Section | |
| 24 | 24 | 5313. | |
| 25 | 25 | SECTION 2. This Act takes effect September 1, 2017. |