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A BILL TO BE ENTITLED
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AN ACT
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relating to the payment date for annuities from the Teacher |
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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. Section 824.003, Government Code, is amended to |
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read as follows: |
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Sec. 824.003. WHEN BENEFITS ARE PAYABLE. Except as |
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otherwise provided by this chapter, an annuity provided by this |
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chapter is payable for the month in which the person who receives |
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the annuity dies. Monthly annuity payments are generally due to be |
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paid on the first [working] day of each month following the month |
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for which the payment accrues. If the first day of a month falls on a |
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Sunday or a national holiday as described by Section 662.003(a), |
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the annuity payments shall be paid on the last working day of the |
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preceding month. |
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SECTION 2. This Act takes effect September 1, 2015. |