By: Price, Smithee, Garcia H.B. No. 2464     (Senate Sponsor - Hughes)          (In the Senate - Received from the House May 1, 2023;   May 2, 2023, read first time and referred to Committee on Finance;   May 10, 2023, reported favorably by the following vote:  Yeas 12,   Nays 1; May 10, 2023, sent to printer.)Click here to see the committee vote         COMMITTEE VOTE              YeaNayAbsentPNV          HuffmanX          HinojosaX          BettencourtX          CampbellX          CreightonX          FloresX          HallX          HancockX          HughesX          KolkhorstX          NicholsX          PaxtonX          PerryX          SchwertnerX          WestX          WhitmireX          ZaffiriniX     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 Subsections (f) and (f-1) to read as follows:          (f)  Subject to Subsection (f-1) and notwithstanding   conflicting provisions of Subsection (c) or Section 854.203, the   governing body of a participating municipality that adopts an   ordinance under Section 854.203 providing for increased annuities   effective January 1 of 2024, 2025, or 2026 may elect to compute the   annuity increase, including an annual annuity increase authorized   under Subsection (c), as the sum of prior and current service   annuities, as increased in subsequent years under Section 854.203   or Subsection (c), of the person on whose service the annuities are   based on the effective date of the annuity increase, multiplied by:                (1)  the percentage change in the Consumer Price Index   for All Urban Consumers, published by the Bureau of Labor   Statistics of the United States Department of Labor, during the   12-month period ending in December of the year that is 13 months   before the effective date of the ordinance providing the increase;   and                (2)  30 percent, 50 percent, or 70 percent, as   specified by the governing body in the ordinance.          (f-1)  Subsection (f) applies only with respect to:                (1)  a participating municipality that as of January 1,   2023:                      (A)  does not provide by ordinance an annual   annuity increase under Subsection (c) because the municipality:                            (i)  passed an ordinance before January 1,   2023, that rescinded a previous ordinance authorizing annual   increases under Subsection (c); or                            (ii)  has not passed an ordinance   authorizing annual increases under Subsection (c); or                      (B)  does provide by ordinance an annual annuity   increase under Subsection (c) if the governing body of the   municipality elects to provide increased annuities recomputed in   accordance with Subsection (f) for purposes of maintaining or   increasing the amount of the annuity increase otherwise authorized   by the ordinance; and                (2)  the annuity of:                      (A)  a retiree who retired not later than the last   day of December of the year that is 13 months before the effective   date of the ordinance providing the increase; or                      (B)  a beneficiary of a deceased retiree whose   death occurred not later than the last day of December of the year   that is 13 months before the effective date of the ordinance   providing the increase.          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.     * * * * *