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