Texas 2021 - 87th Regular

Texas House Bill HB3214 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	87R15928 BDP-F
2		-	By: Capriglione, Rogers, Lambert, Allison, H.B. No. 3214
3		-	Herrero, et al.
4		-	Substitute the following for H.B. No. 3214:
5		-	By: Parker C.S.H.B. No. 3214
	1	+	By: Capriglione H.B. No. 3214
6	2
7	3
8	4		A BILL TO BE ENTITLED
9	5		AN ACT
10	6		relating to a cost-of-living adjustment applicable to certain
11	7		benefits paid by the Teacher Retirement System of Texas.
12	8		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	9		SECTION 1. Subchapter H, Chapter 824, Government Code, is
14	10		amended by adding Section 824.703 to read as follows:
15		-	Sec. 824.703. ADDITIONAL COST-OF-LIVING ADJUSTMENT.
16		-	~~(a)~~ Notwithstanding Section 824.702 and subject to Section
17		-	~~821.006, the~~ retirement system shall make a one-time cost-of-living
18		-	~~adjustment~~ payable to annuitants receiving a monthly death or
19		-	~~retirement~~ benefit annuity, as provided by this section.
	11	+	Sec. 824.703. ADDITIONAL COST-OF-LIVING ADJUSTMENT. (a)
	12	+	Notwithstanding Section 824.702 and subject to Section 821.006, the
	13	+	retirement system shall make a one-time cost-of-living adjustment
	14	+	payable to annuitants receiving a monthly death or retirement
	15	+	benefit annuity, as provided by this section.
20	16		(b) Subject to Subsections (c) and (d), to be eligible for
21	17		the adjustment, a person must be, on the effective date of the
22	18		adjustment and disregarding any forfeiture of benefits under
23	19		Section 824.601, an annuitant eligible to receive:
24	20		(1) a standard service or disability retirement
25	21		annuity payment;
26	22		(2) an optional service or disability retirement
27	23		annuity payment as either a retiree or beneficiary;
28	24		(3) an annuity payment under Section 824.402(a)(3) or
29	25		(4);
30	26		(4) an annuity payment under Section 824.502; or
31	27		(5) an alternate payee annuity payment under Section
32	28		804.005.
33	29		(c) If the annuitant:
34	30		(1) is a retiree or is a beneficiary under an optional
35	31		retirement payment plan, to be eligible for the adjustment under
36	32		this section:
37	33		(A) the annuitant must be living on the effective
38	34		date of the adjustment; and
39	35		(B) the effective date of the retirement of the
40		-	member of the retirement system must have been ~~on or before~~ August
41		-	31, ~~2019~~;
	36	+	member of the retirement system must have been after August 31,
	37	+	2004, and on or before August 31, 2021;
42	38		(2) is a beneficiary under Section 824.402(a)(3) or
43	39		(4) or 824.502, to be eligible for the adjustment:
44	40		(A) the annuitant must be living on the effective
45	41		date of the adjustment; and
46	42		(B) the date of death of the member of the
47		-	retirement system must have been on or before August 31, 2019; or
	43	+	retirement system must have been after August 31, 2004, and on or
	44	+	before August 31, 2021; or
48	45		(3) is an alternate payee under Section 804.005, the
49	46		annuitant is eligible for the adjustment only if the effective date
50		-	of the election to receive the annuity payment was ~~on or before~~
51		-	August 31, ~~2019~~.
	47	+	of the election to receive the annuity payment was after August 31,
	48	+	2004, and on or before August 31, 2021.
52	49		(d) An adjustment made under this section does not apply to
53	50		payments under:
54	51		(1) Section 824.203(d), relating to retirees who
55	52		receive a standard service retirement annuity in an amount fixed by
56	53		statute;
57	54		(2) Section 824.304(a), relating to disability
58	55		retirees with less than 10 years of service credit;
59	56		(3) Section 824.304(b)(2), relating to disability
60	57		retirees who receive a disability annuity in an amount fixed by
61	58		statute;
62	59		(4) Section 824.404(a), relating to active member
63	60		survivor beneficiaries who receive a survivor annuity in an amount
64	61		fixed by statute;
65	62		(5) Section 824.501(a), relating to retiree survivor
66	63		beneficiaries who receive a survivor annuity in an amount fixed by
67	64		statute; or
68	65		(6) Section 824.804(b), relating to participants in
69	66		the deferred retirement option plan with regard to payments from
70	67		their deferred retirement option plan accounts.
71	68		(e) An adjustment under this section:
72	69		(1) must be made beginning with an annuity payable for
73	70		the month of September 2021; and
74	71		(2) is limited to the lesser of:
75	72		(A) an amount equal to six percent of the monthly
76	73		benefit subject to the increase; or
77	74		(B) $100 a month.
78	75		(f) The board of trustees shall determine the eligibility
79	76		for and the amount of any adjustment in monthly annuities in
80	77		accordance with this section.
81	78		SECTION 2. This Act takes effect immediately if it receives
82	79		a vote of two-thirds of all the members elected to each house, as
83	80		provided by Section 39, Article III, Texas Constitution. If this
84	81		Act does not receive the vote necessary for immediate effect, this
85	82		Act takes effect September 1, 2021.