88R8773 BDP-D     By: Price, Smithee H.B. No. 2464       A BILL TO BE ENTITLED   AN ACT   relating to optional annuity increases for certain retirees and   beneficiaries of the Texas Municipal Retirement System.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 853.404, Government Code, is amended by   adding Subsection (f) to read as follows:          (f)  Notwithstanding Subsection (c) or any other law, the   governing body of a municipality that adopts an ordinance under   Section 854.203 providing for increased annuities effective   January 1 of 2024 or 2025 may elect to compute the annuity increase   as the sum of prior and current service annuities of the person on   whose service the annuities are based on the effective date of the   annuity increase multiplied by the percentage increase specified in   the ordinance, except that an adjustment to the annuity after the   annuity starting date for annuity increases under this subsection   may not cause an annuitant's annuity to exceed the amount that the   annuitant would be entitled to had the maximum amount of the annuity   increase allowed under Section 854.203(b) been applied to the   annuity. This subsection expires December 31, 2025.          SECTION 2.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2023.