Texas 2015 - 84th Regular

Texas House Bill HB863

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to a supplemental payment for retirees of the Teacher Retirement System of Texas and the unfunded actuarial liabilities allowed under that system.

Impact

The implementation of HB 863 is intended to strengthen the financial security of Texas retirees by enabling them to receive an additional lump-sum payment. However, the bill also establishes specific eligibility criteria, requiring that the supplemental payments can only be issued under certain conditions, including performance standards based on the retirement system's investment earnings. This approach highlights the state’s efforts to balance financial prudence with the necessary support for retirees in light of potentially prolonged unfunded liabilities.

Summary

House Bill 863 aims to provide a one-time supplemental payment to eligible retirees of the Teacher Retirement System of Texas. The bill is specifically designed to address the unfunded actuarial liabilities associated with the retirement system, indicating a legislative effort to enhance financial support for retirees who depend on state benefits. Under this bill, a supplemental payment can be issued to annuitants who receive standard, optional, life, or guaranteed period annuity payments, ensuring that these individuals receive a timely financial boost during their retirement years.

Contention

While HB 863 presents a positive outcome for many retirees, it includes points of contention regarding its funding mechanism and criteria for eligibility. The bill stipulates that supplemental payments be funded solely from investment earnings that exceed an eight percent return in the previous fiscal year. Critics may raise concerns about the sustainability of such a funding model, especially in fluctuating financial markets, which could affect the predictability of these payments. Additionally, the eligibility limits based on retirement or beneficiary status may generate debate regarding fairness and accessibility.

Effective_date

If enacted, this bill is set to take effect on September 1, 2015, reflecting the urgency for timely support to Texas retirees.

Companion Bills

TX SB1833

Similar Relating to a supplemental payment for retirees of the Teacher Retirement System of Texas and the unfunded actuarial liabilities allowed under that system.

Previously Filed As

TX HB1729

Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.

TX HB1961

Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.

TX SB669

Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.

TX SB10

Relating to certain benefits paid by the Teacher Retirement System of Texas.

TX SB1510

Relating to a supplemental payment for retirees of the Employees Retirement System of Texas.

TX HB548

Relating to a supplemental payment for retirees of the Employees Retirement System of Texas.

TX HB775

Relating to benefits paid by the Teacher Retirement System of Texas.

TX HB600

Relating to contributions to, benefits from, and the administration of systems and programs administered by the Teacher Retirement System of Texas.

TX HB3636

Relating to a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas and a study on the feasibility of providing annual adjustments and an optional cash balance benefit under the system.

TX HB4933

Relating to authorizing cost-of-living adjustments applicable to certain benefits paid by the Teacher Retirement System of Texas.

Similar Bills

PA SB565

In membership, contributions and benefits, providing for supplemental annuity commencing 2025 and for supplemental annuity commencing 2026; and, in benefits, providing for supplemental annuity commencing 2025 and for supplemental annuity commencing 2026.

PA SB1029

In membership, contributions and benefits, providing for supplemental annuity commencing 2023 and for supplemental annuity commencing 2024; and, in benefits, providing for supplemental annuity commencing 2023 and for supplemental annuity commencing 2024.

CA AB605

CalFresh Fruit and Vegetable Supplemental Benefits Expansion Program.

PA HB1844

In membership, contributions and benefits, providing for supplemental annuities commencing 2024; and, in benefits, providing for supplemental annuities commencing 2024.

CA AB2153

California Fruit and Vegetable Supplemental Benefits Expansion Program.

CA SB242

Medicare supplement coverage: open enrollment periods.

CA SB1236

Medicare supplement coverage: open enrollment periods.

CA SB900

Electronic benefits transfer system: CalFresh supplemental benefits.