| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to a one-time supplemental payment of benefits under the |
|
|
Teacher Retirement System of Texas. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. (a) Subject to Subsection (i) of this section |
|
|
and Section 821.006, Government Code, the Teacher Retirement System |
|
|
of Texas shall make a one-time supplemental payment of a retirement |
|
|
or death benefit, as provided by this section. |
|
|
(b) The supplemental payment is payable not later than |
|
|
January 2022 and, to the extent practicable, on a date or dates that |
|
|
coincide with the regular annuity payment payable to each eligible |
|
|
annuitant. |
|
|
(c) The amount of the supplemental payment is equal to the |
|
|
lesser of: |
|
|
(1) the gross amount of the regular annuity payment to |
|
|
which the eligible annuitant is otherwise entitled for the calendar |
|
|
month immediately prior to the calendar month in which the Teacher |
|
|
Retirement System of Texas issues the one-time supplemental payment |
|
|
in accordance with Subsection (b) of this section; or |
|
|
(2) $2,400. |
|
|
(d) The supplemental payment is payable without regard to |
|
|
any forfeiture of benefits under Section 824.601, Government Code. |
|
|
The Teacher Retirement System of Texas shall make applicable tax |
|
|
withholding and other legally required deductions before |
|
|
disbursing the supplemental payment. A supplemental payment under |
|
|
this section is in addition to and not in lieu of the regular |
|
|
monthly annuity payment to which the eligible annuitant is |
|
|
otherwise entitled. |
|
|
(e) Subject to Subsection (f) of this section, to be |
|
|
eligible for the supplemental payment, a person must be, for the |
|
|
calendar month immediately prior to the calendar month in which the |
|
|
Teacher Retirement System of Texas issues the one-time supplemental |
|
|
payment in accordance with Subsection (b) of this section, and |
|
|
disregarding any forfeiture of benefits under Section 824.601, |
|
|
Government Code, an annuitant eligible to receive: |
|
|
(1) a standard retirement annuity payment; |
|
|
(2) an optional retirement annuity payment as either a |
|
|
retiree or beneficiary; |
|
|
(3) a life annuity payment under Section |
|
|
824.402(a)(4), Government Code; |
|
|
(4) an annuity for a guaranteed period of 60 months |
|
|
under Section 824.402(a)(3), Government Code; or |
|
|
(5) an alternate payee annuity payment under Section |
|
|
804.005, Government Code. |
|
|
(f) If the annuitant is a retiree or a beneficiary under an |
|
|
optional retirement payment plan, to be eligible for the |
|
|
supplemental payment, the effective date of the retirement of the |
|
|
member of the Teacher Retirement System of Texas must have been on |
|
|
or before December 31, 2020. If the annuitant is a beneficiary |
|
|
under Section 824.402(a)(3) or (4), Government Code, to be eligible |
|
|
for the supplemental payment, the date of death of the member of the |
|
|
retirement system must have been on or before December 31, 2020. |
|
|
The supplemental payment shall be made to an alternate payee who is |
|
|
an annuitant under Section 804.005, Government Code, only if the |
|
|
annuity payment to the alternate payee commenced on or before |
|
|
December 31, 2020. The supplemental payment is in addition to the |
|
|
guaranteed number of payments under Section 824.204(c)(3) or (4), |
|
|
Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government |
|
|
Code, and may not be counted as one of the guaranteed monthly |
|
|
payments. |
|
|
(g) The supplemental payment does not apply to payments |
|
|
under: |
|
|
(1) Section 824.304(a), Government Code, relating to |
|
|
disability retirees with less than 10 years of service credit; |
|
|
(2) Section 824.804(b), Government Code, relating to |
|
|
participants in the deferred retirement option plan with regard to |
|
|
payments from their deferred retirement option plan accounts; |
|
|
(3) Section 824.501(a), Government Code, relating to |
|
|
retiree survivor beneficiaries who receive a survivor annuity in an |
|
|
amount fixed by statute; or |
|
|
(4) Section 824.404(a), Government Code, relating to |
|
|
active member survivor beneficiaries who receive a survivor annuity |
|
|
in an amount fixed by statute. |
|
|
(h) The board of trustees of the Teacher Retirement System |
|
|
of Texas shall determine the eligibility for and the amount and |
|
|
timing of a supplemental payment and the manner in which the payment |
|
|
is made. |
|
|
(i) The Teacher Retirement System of Texas is required to |
|
|
make a one-time supplemental payment of benefits under this section |
|
|
only if the board of trustees of the Teacher Retirement System of |
|
|
Texas finds that the legislature appropriated money to the |
|
|
retirement system in an amount sufficient to provide the |
|
|
payment. The amount appropriated by the legislature to provide the |
|
|
payment must be in addition to the amount the state is required to |
|
|
contribute to the retirement system under Section 825.404, |
|
|
Government Code. If the board of trustees of the Teacher Retirement |
|
|
System of Texas finds that the legislature did not appropriate |
|
|
money in an amount sufficient to provide a one-time supplemental |
|
|
payment of benefits under this section, the retirement system may |
|
|
not make the payment. |
|
|
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 on the 91st day after the last day of the |
|
|
legislative session. |