Bill > SB2472

This bill provides a one-time supplemental payment and a cost-of-living adjustment for certain retirees and beneficiaries of the Employees Retirement System of Texas (ERS) in January 2026. The cost-of-living adjustment will be applied to monthly benefits based on when the retiree initially retired or when a member died, with varying percentage rates: 8% for retirements before 2007, 6% for retirements between 2007-2019, 4% for retirements between 2019-2024, and 2% for retirements after 2024. The supplemental payment amounts will correspond to these same retirement periods, ranging from $10,000 for the earliest retirees to $2,500 for those retiring after January 1, 2024. To be eligible, annuitants must be receiving benefits in December 2025 and meet specific criteria, such as being alive on the adjustment's effective date and having retired or died before September 1, 2024 or 2025, depending on the type of benefit. The bill stipulates that these adjustments and payments can only be made if the legislature appropriates sufficient funds without increasing the retirement system's unfunded actuarial liabilities, and the changes will take effect on September 1, 2025.