Bill > HB301

This bill relates to a one-time cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas. The bill provides that eligible annuitants, such as retirees, beneficiaries, and alternate payees, who meet certain criteria based on their retirement or death dates, will receive an adjustment of up to 6% or $100 per month, starting in September 2023. The adjustment does not apply to certain fixed-amount benefits, such as those for retirees with less than 10 years of service or survivor beneficiaries with fixed annuities. The bill takes effect immediately if it receives a two-thirds vote in the legislature, or otherwise on September 1, 2023.