Suspending limitations on conference committee jurisdiction, H.B. No. 3347.
If enacted, HR2947 mandates a supplemental payment to eligible retirees, which would be provided on or before January 2010. The amount for each eligible individual would be capped, ensuring that the payment would not exceed the regular annuity payment for December 2009 or a fixed amount of $500. This additional payment aims to ease the financial burden on retirees during challenging economic times, thereby enhancing the overall provisions of the Teacher Retirement System and acknowledging the contributions of educators.
House Bill 2947, introduced during the 81st Legislature in 2009, is a resolution that focuses on suspending certain limitations to enable a conference committee to resolve differences concerning House Bill 3347, which relates to plan qualification provisions and supplemental payments under the Teacher Retirement System of Texas. Specifically, HR2947 outlines a provision for a one-time supplemental payment for eligible annuitants to provide additional financial support. The bill delineates eligibility criteria, particularly focusing on individuals who were active members before the end of 2008.
HR2947 underscores the Texas legislature's recognition of the needs of its retired teachers and aims to provide much-needed financial support through a well-defined supplemental payment process. By specifying the eligibility criteria and payment structure, the bill seeks to offer a measure of relief and stability for annuitants within the Teacher Retirement System, effectively illustrating legislative intent to honor commitments made to educators.
Discussions surrounding HR2947 may revolve around the fiscal implications of the supplemental payments and the adequacy of funding to fulfill such mandates. Critics could argue about the priorities of the state budget, while supporters would advocate for the importance of providing for the retired educators who depend on these benefits. The bill emphasizes that the supplemental payment should not diminish other pension guarantees, highlighting a commitment to maintain the financial stability of the Teacher Retirement System.