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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 to retirees of |
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the Teacher 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. Subchapter A, Chapter 824, Government Code, is |
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amended by adding Section 824.008 to read as follows: |
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Sec. 824.008. SUPPLEMENTAL PAYMENTS. (a) Not later than |
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August 31, 2013, the retirement system may make a one-time |
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supplemental payment as provided by this section to persons whose |
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annuities are payable by the system and are based on service |
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retirements, disability retirements, or deaths. A supplemental |
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payment made under this section is in addition to the regular |
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monthly annuity payment. A supplemental payment under this section |
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is subject to and must comply with Sections 821.006 and 825.402(c). |
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(b) The board of trustees shall determine: |
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(1) who is eligible to receive the supplemental |
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payment based on years of service, effective date of retirement or |
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death, as applicable, and other reasonable criteria; |
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(2) the amount and timing of the supplemental payment; |
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and |
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(3) the manner in which the payment is made. |
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(c) The retirement system shall pay any supplemental |
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payment made under this section from the retired reserve account |
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and may transfer to that account from the state contribution |
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account any portion of the supplemental payment amount that exceeds |
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the amount in the retired reserve account available to finance the |
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supplemental payment and that is actuarially determined to be |
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necessary to finance the supplemental payment. |
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(d) This section expires September 1, 2013. |
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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, 2011. |