| 1 | 1 | | 88R2369 BDP-D |
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| 2 | 2 | | By: Schofield H.B. No. 429 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to annual cost-of-living increases applicable to benefits |
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| 8 | 8 | | paid by the Teacher Retirement System of Texas. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter H, Chapter 824, Government Code, is |
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| 11 | 11 | | amended by adding Section 824.703 to read as follows: |
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| 12 | 12 | | Sec. 824.703. ANNUAL COST-OF-LIVING ADJUSTMENTS FOR |
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| 13 | 13 | | INFLATION. (a) Notwithstanding any other law, the amount of a |
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| 14 | 14 | | service retirement benefit, disability retirement benefit, or |
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| 15 | 15 | | death benefit paid under this chapter is adjusted in accordance |
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| 16 | 16 | | with this section as necessary to reflect inflation. |
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| 17 | 17 | | (b) On January 1 of each year, the board of trustees shall |
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| 18 | 18 | | increase the amount of each benefit payable under this chapter by a |
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| 19 | 19 | | percentage rate equal to the percentage increase, if any, during |
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| 20 | 20 | | the preceding state fiscal year in the Consumer Price Index for All |
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| 21 | 21 | | Urban Consumers published by the United States Department of Labor, |
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| 22 | 22 | | Bureau of Labor Statistics, or if that index is discontinued or |
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| 23 | 23 | | superseded, a similar index selected or calculated by the |
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| 24 | 24 | | comptroller. |
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| 25 | 25 | | SECTION 2. This Act applies only to a benefit paid by the |
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| 26 | 26 | | Teacher Retirement System of Texas on or after January 1, 2024. |
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| 27 | 27 | | SECTION 3. This Act takes effect September 1, 2023. |
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