Texas 2015 - 84th Regular

Texas House Bill HB3541 Compare Versions

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Old	New	Differences
1	1	By: Darby H.B. No. 3541
2	2
3	3
4	4	A BILL TO BE ENTITLED
5	5	AN ACT
6	6	relating to a cost-of-living adjustment applicable to certain
7	7	benefits paid by the Teacher Retirement System of Texas.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Subchapter H, Chapter 824, Government Code, is
10	10	amended by adding Section 824.703 to read as follows:
11	11	Sec. 824.703. ADDITIONAL COST-OF-LIVING ADJUSTMENT. (a)
12	12	Notwithstanding Section 824.702, the retirement system shall make a
13	13	one-time cost-of-living adjustment payable to annuitants receiving
14	14	a monthly death or retirement benefit annuity, as provided by this
15	15	section.
16	16	(b) Subject to Subsections (c) and (d), to be eligible for
17	17	the adjustment, a person must be, on the effective date of the
18	18	adjustment and disregarding any forfeiture of benefits under
19	19	Section 824.601, an annuitant eligible to receive:
20	20	(1) a standard service or disability retirement
21	21	annuity payment;
22	22	(2) an optional service or disability retirement
23	23	annuity payment as either a retiree or beneficiary;
24	24	(3) an annuity payment under Section 824.402(a)(3) or
25	25	(4);
26	26	(4) an annuity payment under Section 824.502; or
27	27	(5) an alternate payee annuity payment under Section
28	28	804.005.
29	29	(c) If the annuitant:
30	30	(1) is a retiree, or is a beneficiary under an optional
31	31	retirement payment plan, to be eligible for the adjustment under
32	32	this section:
33	33	(A) the annuitant must be living on the effective
34	34	date of the adjustment; and
35	35	(B) the effective date of the retirement of the
36	36	member of the Teacher Retirement System of Texas must have been
37	37	after August 31, 2004 and on or before August 31, 2013;
38	38	(2) is a beneficiary under Section 824.402(a)(3) or
39	39	(4) or 824.502, to be eligible for the adjustment:
40	40	(A) the annuitant must be living on the effective
41	41	date of the adjustment; and
42	42	(B) the date of death of the member of the
43	43	retirement system must have been after August 31, 2004 and on or
44	44	before August 31, 2013; or
45	45	(3) is an alternate payee under Section 804.005, the
46	46	annuitant is eligible for the adjustment only if the effective date
47	47	of the election to receive the annuity payment was after August 31,
48	48	2004 and on or before August 31, 2013.
49	49	(d) An adjustment made under this section does not apply to
50	50	payments under:
51	51	(1) Section 824.203(d), relating to retirees who
52	52	receive a standard service retirement annuity in an amount fixed by
53	53	statute;
54	54	(2) Section 824.304(a), relating to disability
55	55	retirees with less than 10 years of service credit;
56	56	(3) Section 824.304(b)(2), relating to disability
57	57	retirees who receive a disability annuity in an amount fixed by
58	58	statute;
59	59	(4) Section 824.404(a), relating to active member
60	60	survivor beneficiaries who receive a survivor annuity in an amount
61	61	fixed by statute;
62	62	(5) Section 824.501(a), relating to retiree survivor
63	63	beneficiaries who receive a survivor annuity in an amount fixed by
64	64	statute; or
65	65	(6) Section 824.804(b), relating to participants in
66	66	the deferred retirement option plan with regard to payments from
67	67	their deferred retirement option plan accounts.
68	68	(e) An adjustment under this section:
69	69	(1) must be made beginning with an annuity payable for
70	70	the month of September 2015; and
71	71	(2) is limited to the lesser of:
72	72	(A) an amount equal to three percent of the
73	73	monthly benefit subject to the increase; or
74	74	(B) $100 a month.
75	75	(f) The board of trustees shall determine the eligibility
76	76	for and the amount of any adjustment in monthly annuities in
77	77	accordance with this section.