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A BILL TO BE ENTITLED
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AN ACT
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relating to a one-time supplemental annuity payment by the |
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Employees Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) Subject to the availability of funds under |
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the American Recovery and Reinvestment Act of 2009 (Pub. L. No. |
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111-5) or other legislative appropriation, the Employees |
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Retirement System of Texas shall make a one-time supplemental |
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payment of a retirement or death benefit as provided by this |
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section. |
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(b) The supplemental payment is payable not later than |
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September 30, 2009, and, to the extent practicable, on a date or |
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dates that coincide with the regular annuity payment payable to |
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each eligible annuitant. |
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(c) The amount of the supplemental payment is equal to the |
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lesser of: |
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(1) the gross amount of the regular annuity payment to |
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which the eligible annuitant is otherwise entitled for the month of |
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August 2009; or |
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(2) $2,400. |
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(d) The Employees Retirement System of Texas shall make |
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applicable tax withholding and other legally required deductions |
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before disbursing the supplemental payment. A supplemental payment |
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under this section is in addition to and not in lieu of: |
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(1) the regular monthly annuity payment to which the |
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eligible annuitant is otherwise entitled; and |
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(2) any supplemental payment made under Section |
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814.603, Government Code. |
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(e) Subject to Subsection (f) of this section, to be |
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eligible for the supplemental payment, a person must be, for the |
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month of August 2009, an annuitant eligible to receive: |
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(1) a standard retirement annuity payment; or |
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(2) an optional retirement annuity payment as either a |
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retiree or beneficiary. |
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(f) If the annuitant is a retiree or a beneficiary under an |
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optional retirement payment plan, to be eligible for the |
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supplemental payment, the effective date of the retirement of the |
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member of the Employees Retirement System of Texas must have been on |
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or before December 31, 2008. The supplemental payment shall be made |
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to an alternate payee who is an annuitant under Section 804.005, |
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Government Code, only if the annuity payment to the alternate payee |
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commenced on or before December 31, 2008. |
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(g) The supplemental payment does not apply to members of |
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the elected class of the retirement system under Section 812.002, |
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Government Code. |
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(h) Except as provided by this section, the board of |
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trustees of the Employees Retirement System of Texas shall |
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determine the eligibility for and the amount and timing of a |
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supplemental payment and the manner in which the payment is made. |
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(i) The supplemental payment provided under this Act is |
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subject solely to the availability of funds appropriated for that |
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purpose, and does not depend on actuarial soundness of the fund or |
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any other condition provided by other law. |
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SECTION 2. This Act takes effect September 1, 2009. |