|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to a supplemental payment for certain retirees of the |
|
Teacher Retirement System of Texas. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. (a) Subject to 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 in September 2019 |
|
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) $2,400; or |
|
(2) the gross amount of the regular annuity payment to |
|
which the eligible annuitant is otherwise entitled for the month of |
|
August 2019. |
|
(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 |
|
month of August 2019, 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 August 31, 2015. 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 August 31, 2015. 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 |
|
August 31, 2015. The supplemental payment is in addition to the |
|
guaranteed number of payments under Section 824.204(c)(3) or (4), |
|
824.308(c)(3) or (4), or 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) Except as provided by this section, 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. |
|
SECTION 2. This Act takes effect September 1, 2019. |