81R134 KFF-D
By: Callegari H.B. No. 274
A BILL TO BE ENTITLED
AN ACT
relating to supplemental annuity payments by the Teacher Retirement
System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 824, Government Code, is
amended by adding Section 824.007 to read as follows:
Sec. 824.007. SUPPLEMENTAL PAYMENTS. (a) The retirement
system may make a supplemental payment as provided by this section
to persons whose annuities are payable by the system and are based
on service retirements, disability retirements, or deaths. A
supplemental payment made under this section is in addition to the
regular monthly annuity payment. Supplemental payments under this
section are subject to and must comply with Sections 821.006 and
825.402(c).
(b) The board of trustees shall determine:
(1) who is eligible to receive a supplemental payment
based on years of service, effective date of retirement or death, as
applicable, and other reasonable criteria;
(2) the amount and timing of the supplemental payment;
and
(3) the manner in which the payment is made.
(c) The retirement system shall pay any supplemental
payment made under this section from the retired reserve account
and may transfer to that account from the state contribution
account any portion of the supplemental payment amount that exceeds
the amount in the retired reserve account available to finance the
supplemental payment and that is actuarially determined to be
necessary to finance the supplemental payment.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.