88R2369 BDP-D
By: Schofield H.B. No. 429
A BILL TO BE ENTITLED
AN ACT
relating to annual cost-of-living increases 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 H, Chapter 824, Government Code, is
amended by adding Section 824.703 to read as follows:
Sec. 824.703. ANNUAL COST-OF-LIVING ADJUSTMENTS FOR
INFLATION. (a) Notwithstanding any other law, 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) On January 1 of each year, the board of trustees shall
increase the amount of each benefit payable under this chapter by a
percentage rate equal to the percentage increase, if any, during
the preceding state fiscal year in the Consumer Price Index for All
Urban Consumers published by the United States Department of Labor,
Bureau of Labor Statistics, or if that index is discontinued or
superseded, a similar index selected or calculated by the
comptroller.
SECTION 2. This Act applies only to a benefit paid by the
Teacher Retirement System of Texas on or after January 1, 2024.
SECTION 3. This Act takes effect September 1, 2023.