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A BILL TO BE ENTITLED
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AN ACT
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relating to supplemental payments by the Teacher Retirement System |
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of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 824, Government Code, is |
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amended by adding Section 824.009 to read as follows: |
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Sec. 824.009. SUPPLEMENTAL PAYMENTS. (a) The retirement |
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system may make a supplemental payment as provided by this section |
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to persons whose annuities are described by Section 824.203, |
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824.204, 824.304(b), 824.308, 824.402(a)(3), 824.402(a)(4), or |
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804.005 and that are based on service retirements, disability |
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retirements, or deaths. A supplemental payment made under this |
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section is in addition to the regular monthly annuity payment. |
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Supplemental payments under this section are subject to and must |
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comply with Section 821.006. |
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(b) The board of trustees shall determine the amount and |
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timing of a supplemental payment and the manner in which the payment |
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is made in accordance with relevant provisions of the General |
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Appropriations Act applicable to the fiscal biennium in which the |
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supplemental payment is paid. |
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(c) The retirement system shall pay any supplemental |
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payment made under this section from the retirement annuity reserve |
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account and may transfer to that account from the state |
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accumulation account any portion of the amount that exceeds the |
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amount in the retirement annuity reserve account available to |
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finance this supplemental payment and that is actuarially |
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determined to be necessary to finance the supplemental payment. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |