 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
GOVERNMENT CODE |
|
Title 8. PUBLIC RETIREMENT SYSTEMS |
|
Subtitle C. TEACHER RETIREMENT SYSTEM OF TEXAS |
|
Chapter 825. ADMINISTRATION |
|
Subchapter E. COLLECTION OF MEMBERSHIP FEES AND CONTRIBUTIONS |
Sec. 825.402. RATE OF MEMBER CONTRIBUTIONS
-
(a) The rate of contributions for each member of the retirement system is:
(1) five percent of the member's annual compensation or $180, whichever is less, for service rendered after August 31, 1937, and before September 1, 1957;
(2) six percent of the first $8,400 of the member's annual compensation for service rendered after August 31, 1957, and before September 1, 1969;
(3) six percent of the member's annual compensation for service rendered after August 31, 1969, and before the first day of the 1977-78 school year;
(4) 6.65 percent of the member's annual compensation for service rendered after the last day of the period described by Subdivision (3) and before September 1, 1985; and
(5) 6.4 percent of the member's annual compensation for service rendered after August 31, 1985, subject to Subsection (b).
(b) Subject to Subsection (c), the board of trustees may by order require that the rate of contributions for each member of the retirement system under Subsection (a) is increased to not more than 6.58 percent of the member's annual compensation for service rendered after the date of the order if:
(1) the legislature by law requires or authorizes the board of trustees to pay a supplemental payment to specified annuitants; and
(2) the board of trustees finds, as of the time the payment is to be made, that after the payment is made the amortization period for the unfunded actuarial liabilities of the retirement system would exceed 30 years by one or more years.
(c) Notwithstanding any other law, the board of trustees may not make a supplemental payment required or authorized by the legislature by law, and may not impose an increase in the rate of contributions under Subsection (b), if the board of trustees finds that after making the payment and imposing the increase the amortization period for the unfunded actuarial liabilities of the retirement system would exceed 30 years by one or more years.
(d) Notwithstanding any other law, the board of trustees may delay making a supplemental payment required or authorized by the legislature by law as necessary to make the determinations required under Subsections (b) and (c).