Texas § GV.844.209 - ALTERNATIVE OPTIONAL INCREASE IN RETIREMENT ANNUITIES

§ GV.844.209. ALTERNATIVE OPTIONAL INCREASE IN RETIREMENT ANNUITIES

ALTERNATIVE OPTIONAL INCREASE IN RETIREMENT ANNUITIES. (a) The governing body of a participating subdivision, from time to time but not more frequently than once in each 12-month period, may provide for increased annuities to be paid to retirees and beneficiaries of deceased retirees of the subdivision. The governing body of the subdivision may not elect an increase in retirement annuities under Section 844.208 and under this section in the same 12-month period. (b) An increase under this section applies to all annuities for which the effective retirement date is at least twelve months before the effective date of the increase. (c) The amount of annuity increase under this section is computed as the sum of the person's basic and supplemental annuities on the effective date of the increase multiplied by the integer percentage increase specified by the governing body for all annuitants in the order or resolution adopting the increase. The specified percentage increase may not exceed the percentage established by the board of trustees as the maximum allowable percentage increase. (d) Except as provided by Subsection (g), the effective date of an order or resolution under this section is January 1 of the year that begins after the year in which the governing body adopts and notifies the retirement system of the order or resolution. (e) An increase in an annuity that was reduced because of an option selection or partial lump-sum distribution is reducible in the same proportion and in the same manner that the original annuity was reduced. (f) The amount of an increase under this section is payable as a supplemental annuity, is an obligation of the subdivision's account in the subdivision accumulation fund, and is subject to reduction under Section 845.307 (c). (g) Repealed by Acts 2007, 80th Leg., R.S., Ch. 873, Sec. 92(18), eff. January 1, 2008. Added by Acts 1991, 72nd Leg., ch. 460, Sec. 14, eff. Jan. 1, 1992. Amended by Acts 1993, 73rd Leg., ch. 175, Sec. 13, eff. Jan. 1, 1994; Acts 1995, 74th Leg., ch. 245, Sec. 18, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 309, Sec. 10, eff. Dec. 1, 1997; Acts 1999, 76th Leg., ch. 427, Sec. 31, eff. Dec. 31, 1999. Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633 ), Sec. 19, eff. January 1, 2006. Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587 ), Sec. 40, eff. January 1, 2008. Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587 ), Sec. 92(18), eff. January 1, 2008. SUBCHAPTER D. DISABILITY RETIREMENT BENEFITS