| 1 | 1 | | 88R1321 BDP-D |
|---|
| 2 | 2 | | By: Hinojosa H.B. No. 1097 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to the cash balance annuity for members of the legislature |
|---|
| 8 | 8 | | and the lieutenant governor. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Section 820.053(a), Government Code, is amended |
|---|
| 11 | 11 | | to read as follows: |
|---|
| 12 | 12 | | (a) The state match for the cash balance benefit for: |
|---|
| 13 | 13 | | (1) service credited to the employee or elected class |
|---|
| 14 | 14 | | of membership is an amount computed by multiplying the member's |
|---|
| 15 | 15 | | accumulated account balance by 150 percent; and |
|---|
| 16 | 16 | | (2) service credited to the employee class of |
|---|
| 17 | 17 | | membership by a member eligible to retire under this chapter as a |
|---|
| 18 | 18 | | law enforcement or custodial officer is an amount computed by |
|---|
| 19 | 19 | | multiplying the member's accumulated account balance by: |
|---|
| 20 | 20 | | (A) except as provided by Paragraph (B), 150 |
|---|
| 21 | 21 | | percent; and |
|---|
| 22 | 22 | | (B) for the portion of the accumulated account |
|---|
| 23 | 23 | | balance based on the member's additional two percent contribution |
|---|
| 24 | 24 | | under Section 820.101(b), including interest, attributable to |
|---|
| 25 | 25 | | service as a law enforcement or custodial officer, 300 percent, |
|---|
| 26 | 26 | | paid from the law enforcement and custodial officer supplemental |
|---|
| 27 | 27 | | retirement fund[; and |
|---|
| 28 | 28 | | [(3) subject to Subsection (c), service credited to the |
|---|
| 29 | 29 | | elected class of membership is an amount computed by multiplying |
|---|
| 30 | 30 | | the member's accumulated account balance by 150 percent]. |
|---|
| 31 | 31 | | SECTION 2. Section 820.053(c), Government Code, is |
|---|
| 32 | 32 | | repealed. |
|---|
| 33 | 33 | | SECTION 3. Section 820.053, Government Code, as amended by |
|---|
| 34 | 34 | | this Act, applies only to the cash balance annuity of a member of |
|---|
| 35 | 35 | | the elected class who is first eligible to become a member of the |
|---|
| 36 | 36 | | elected class on or after September 1, 2024. The cash balance |
|---|
| 37 | 37 | | annuity of a member of the elected class who is first eligible to |
|---|
| 38 | 38 | | become a member of the elected class before September 1, 2024, is |
|---|
| 39 | 39 | | governed by the law as it existed immediately before that date, and |
|---|
| 40 | 40 | | that law is continued in effect for that purpose. |
|---|
| 41 | 41 | | SECTION 4. This Act takes effect on the date on which the |
|---|
| 42 | 42 | | constitutional amendment proposed by the 88th Legislature, Regular |
|---|
| 43 | 43 | | Session, 2023, setting the salaries of members of the legislature |
|---|
| 44 | 44 | | and the lieutenant governor based on the average public school |
|---|
| 45 | 45 | | teacher salary in this state is approved by the voters. If that |
|---|
| 46 | 46 | | amendment is not approved by the voters, this Act has no effect. |
|---|