81R9697 TJS-D
By: Eiland H.B. No. 2454
A BILL TO BE ENTITLED
AN ACT
relating to a one-time supplemental annuity payment by the Teacher
Retirement System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. (a) Subject to the availability of funds under
the American Recovery and Reinvestment Act of 2009 (Pub. L. No.
111-5) or other legislative appropriation, 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 not later than
September 30, 2009, 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) the gross amount of the regular annuity payment to
which the eligible annuitant is otherwise entitled for the month of
August 2009; or
(2) $2,400.
(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 2009, 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 December 31, 2008. 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 December 31, 2008.
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
December 31, 2008. The supplemental payment is in addition to the
guaranteed number of payments under Section 824.402(a)(3) or
824.204(c)(3) or (4), 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.
(i) The supplemental payment provided under this Act is
subject solely to the availability of funds appropriated for that
purpose, and does not depend on actuarial soundness of the fund or
any other condition provided by other law.
SECTION 2. This Act takes effect September 1, 2009.