|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to the maximum service retirement annuity for members of |
|
public retirement systems. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Chapter 810, Government Code, is amended by |
|
adding Section 810.002 to read as follows: |
|
Sec. 810.002. LIMIT ON AMOUNT OF SERVICE RETIREMENT |
|
ANNUITY. (a) In this section, "public retirement system" has the |
|
meaning assigned by Section 802.001. |
|
(b) Notwithstanding any other law, the service retirement |
|
annuity for service credit accrued by a member of a public |
|
retirement system who becomes a member on or after September 1, |
|
2017, and is eligible to retire may not exceed the lesser of: |
|
(1) the basic pay of a member of the United States |
|
armed forces on active duty at the highest salary for pay grade O-10 |
|
as defined by 37 U.S.C. Section 201(a); or |
|
(2) the annual rate of basic pay for a position under |
|
level II of the Executive Schedule as defined by 5 U.S.C. Section |
|
5313. |
|
SECTION 2. This Act takes effect September 1, 2017. |