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A BILL TO BE ENTITLED
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AN ACT
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relating to the state contributions to 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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adding Subsection (a-1) to read as follows: |
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(a-1) During each fiscal biennium, the state's contribution |
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percentage under Subsection (a) must be not less than the amount of |
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the federal Old-Age, Survivors, and Disability Insurance (OASDI) |
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tax rate in effect on January 1 of the year preceding the biennium |
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under 26 U.S.C. Section 3101(a). This subsection applies only to a |
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state fiscal biennium for which the OASDI tax rate in effect on the |
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preceding January 1 is at least 6 and not more than 10 percent. |
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SECTION 2. Section 825.404(a-1), Government Code, as added |
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by this Act, applies to state contributions to the Teacher |
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Retirement System of Texas for public education employees beginning |
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with the first state contribution amount for that purpose made on or |
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after September 1, 2013. |
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SECTION 3. 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. |