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  H.B. No. 2464
 
 
 
 
AN ACT
  relating to optional annuity increases for certain retirees and
  beneficiaries of the Texas Municipal Retirement System.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 853.404, Government Code, is amended by
  adding Subsections (f) and (f-1) to read as follows:
         (f)  Subject to Subsection (f-1) and notwithstanding
  conflicting provisions of Subsection (c) or Section 854.203, the
  governing body of a participating municipality that adopts an
  ordinance under Section 854.203 providing for increased annuities
  effective January 1 of 2024, 2025, or 2026 may elect to compute the
  annuity increase, including an annual annuity increase authorized
  under Subsection (c), as the sum of prior and current service
  annuities, as increased in subsequent years under Section 854.203
  or Subsection (c), of the person on whose service the annuities are
  based on the effective date of the annuity increase, multiplied by:
               (1)  the percentage change in the Consumer Price Index
  for All Urban Consumers, published by the Bureau of Labor
  Statistics of the United States Department of Labor, during the
  12-month period ending in December of the year that is 13 months
  before the effective date of the ordinance providing the increase;
  and
               (2)  30 percent, 50 percent, or 70 percent, as
  specified by the governing body in the ordinance.
         (f-1)  Subsection (f) applies only with respect to:
               (1)  a participating municipality that as of January 1,
  2023:
                     (A)  does not provide by ordinance an annual
  annuity increase under Subsection (c) because the municipality:
                           (i)  passed an ordinance before January 1,
  2023, that rescinded a previous ordinance authorizing annual
  increases under Subsection (c); or
                           (ii)  has not passed an ordinance
  authorizing annual increases under Subsection (c); or
                     (B)  does provide by ordinance an annual annuity
  increase under Subsection (c) if the governing body of the
  municipality elects to provide increased annuities recomputed in
  accordance with Subsection (f) for purposes of maintaining or
  increasing the amount of the annuity increase otherwise authorized
  by the ordinance; and
               (2)  the annuity of:
                     (A)  a retiree who retired not later than the last
  day of December of the year that is 13 months before the effective
  date of the ordinance providing the increase; or
                     (B)  a beneficiary of a deceased retiree whose
  death occurred not later than the last day of December of the year
  that is 13 months before the effective date of the ordinance
  providing the increase.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2023.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 2464 was passed by the House on April
  27, 2023, by the following vote:  Yeas 148, Nays 0, 1 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 2464 was passed by the Senate on May
  15, 2023, by the following vote:  Yeas 29, Nays 2.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor