85R4864 TSR-D
 
  By: Fallon H.B. No. 632
 
 
 
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.