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A BILL TO BE ENTITLED
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AN ACT
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relating to the state contribution for the Teacher Retirement |
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System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 825.404, Government Code, is amended by |
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amending Subsection (a) and adding Subsection (a-1) to read as |
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follows: |
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(a) During each fiscal year, the state shall contribute to |
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the retirement system an amount equal to at least 7.4 and not more |
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than 10 percent of the aggregate annual compensation of all members |
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of the retirement system during that fiscal year. The amount of the |
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state contribution made under this section may not be less than the |
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amount contributed by members during that fiscal year in accordance |
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with Section 825.402. |
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(a-1) Notwithstanding Subsection (a), during the fiscal |
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year beginning September 1, 2013, the state shall contribute to the |
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retirement system an amount equal to 6.9 percent of the aggregate |
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annual compensation of all members of the retirement system during |
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that fiscal year. During the fiscal year beginning September 1, |
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2014, the state shall contribute to the retirement system an amount |
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equal to 7.4 percent of the aggregate annual compensation of all |
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members of the retirement system during that fiscal year. This |
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subsection expires September 1, 2015. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |