Texas 2015 - 84th Regular

Texas House Bill HB1967 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	84R8296 SGA-F
2	2	By: Keffer H.B. No. 1967
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to a supplemental payment for retirees of the Teacher
8	8	Retirement System of Texas and the unfunded actuarial liabilities
9	9	allowed under that system.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 821.006, Government Code, is amended by
12	12	adding Subsections (c), (d), and (e) to read as follows:
13	13	(c) Notwithstanding Subsections (a) and (b), the retirement
14	14	system may provide a one-time supplemental payment to an annuitant
15	15	eligible to receive:
16	16	(1) a standard retirement annuity payment;
17	17	(2) an optional retirement annuity payment as either a
18	18	retiree or beneficiary;
19	19	(3) a life annuity payment under Section
20	20	824.402(a)(4);
21	21	(4) an annuity for a guaranteed period of 60 months
22	22	under Section 824.402(a)(3); or
23	23	(5) an alternate payee annuity payment under Section
24	24	804.005.
25	25	(d) A one-time supplemental payment under Subsection (c) is
26	26	authorized if the amortization period for the unfunded actuarial
27	27	liabilities of the retirement system does not exceed 30 years by one
28	28	or more years after payment of the supplemental payment.
29	29	(e) The retirement system may make a supplemental payment
30	30	under Subsection (c) at any time during the period beginning
31	31	September 1 and ending December 31 only on a finding by the board of
32	32	trustees that, as determined by an actuarial valuation made August
33	33	31 of that year, the payment can be made in conformance with the
34	34	requirements of Subsection (d). Subsections (c) and (d) and this
35	35	subsection expire January 1, 2017.
36	36	SECTION 2. (a) The Teacher Retirement System of Texas shall
37	37	make a one-time supplemental payment of a retirement or death
38	38	benefit, as provided by Section 821.006, Government Code, as
39	39	amended by this Act, and this section.
40	40	(b) The supplemental payment is payable not later than
41	41	December 31, 2016, and, to the extent practicable, on a date or
42	42	dates that coincide with the regular annuity payment payable to
43	43	each eligible annuitant.
44	44	(c) The amount of the supplemental payment is equal to the
45	45	lesser of:
46	46	(1) the gross amount of the regular annuity payment to
47	47	which the eligible annuitant is otherwise entitled for the month of
48	48	August 2015; or
49	49	(2) $2,400.
50	50	(d) The supplemental payment is payable without regard to
51	51	any forfeiture of benefits under Section 824.601, Government Code.
52	52	The Teacher Retirement System of Texas shall make applicable tax
53	53	withholding and other legally required deductions before
54	54	disbursing the supplemental payment. A supplemental payment under
55	55	this section is in addition to and not in lieu of the regular
56	56	monthly annuity payment to which the eligible annuitant is
57	57	otherwise entitled.
58	58	(e) Subject to Subsection (f) of this section, to be
59	59	eligible for the supplemental payment, a person must be, for the
60	60	month of August 2015, and disregarding any forfeiture of benefits
61	61	under Section 824.601, Government Code, an annuitant eligible to
62	62	receive:
63	63	(1) a standard retirement annuity payment;
64	64	(2) an optional retirement annuity payment as either a
65	65	retiree or beneficiary;
66	66	(3) a life annuity payment under Section
67	67	824.402(a)(4), Government Code;
68	68	(4) an annuity for a guaranteed period of 60 months
69	69	under Section 824.402(a)(3), Government Code; or
70	70	(5) an alternate payee annuity payment under Section
71	71	804.005, Government Code.
72	72	(f) If the annuitant is a retiree or a beneficiary under an
73	73	optional retirement payment plan, to be eligible for the
74	74	supplemental payment, the effective date of the retirement of the
75	75	member of the Teacher Retirement System of Texas must have been on
76	76	or before August 31, 2013. If the annuitant is a beneficiary under
77	77	Section 824.402(a)(3) or (4), Government Code, to be eligible for
78	78	the supplemental payment, the date of death of the member of the
79	79	retirement system must have been on or before August 31, 2013. The
80	80	supplemental payment shall be made to an alternate payee who is an
81	81	annuitant under Section 804.005, Government Code, only if the
82	82	annuity payment to the alternate payee commenced on or before
83	83	August 31, 2013. The supplemental payment is in addition to the
84	84	guaranteed number of payments under Section 824.402(a)(3),
85	85	824.204(c)(3) or (4), or 824.308(c)(3) or (4), Government Code, and
86	86	may not be counted as one of the guaranteed monthly payments.
87	87	(g) The supplemental payment does not apply to payments
88	88	under:
89	89	(1) Section 824.304(a), Government Code, relating to
90	90	disability retirees with less than 10 years of service credit;
91	91	(2) Section 824.804(b), Government Code, relating to
92	92	participants in the deferred retirement option plan with regard to
93	93	payments from their deferred retirement option plan accounts;
94	94	(3) Section 824.501(a), Government Code, relating to
95	95	retiree survivor beneficiaries who receive a survivor annuity in an
96	96	amount fixed by statute; or
97	97	(4) Section 824.404(a), Government Code, relating to
98	98	active member survivor beneficiaries who receive a survivor annuity
99	99	in an amount fixed by statute.
100	100	(h) Except as provided by this section, the board of
101	101	trustees of the Teacher Retirement System of Texas shall determine
102	102	the eligibility for and the amount and timing of a supplemental
103	103	payment and the manner in which the payment is made.
104	104	SECTION 3. This Act takes effect September 1, 2015.