Texas 2021 - 87th Regular

Texas House Bill HB3507 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	87R15299 BDP-F
2		-	By: Rogers, Capriglione, Guillen, Stephenson, H.B. No. 3507
3		-	Perez, et al.
4		-	Substitute the following for H.B. No. 3507:
5		-	By: Vo C.S.H.B. No. 3507
	1	+	87R7010 BDP-F
	2	+	By: Rogers H.B. No. 3507
6	3
7	4
8	5		A BILL TO BE ENTITLED
9	6		AN ACT
10	7		relating to a one-time supplemental payment of benefits under the
11	8		Teacher Retirement System of Texas.
12	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	10		SECTION 1. (a) Subject to Section 821.006, Government
14	11		Code, the Teacher Retirement System of Texas shall make a one-time
15	12		supplemental payment of a retirement or death benefit, as provided
16	13		by this section.
17	14		(b) The supplemental payment is payable not later than
18		-	~~January~~ 2022 and, to the extent practicable, on a date or dates ~~that~~
19		-	coincide with the regular annuity payment payable to each ~~eligible~~
20		-	annuitant.
	15	+	September 2022 and, to the extent practicable, on a date or dates
	16	+	that coincide with the regular annuity payment payable to each
	17	+	eligible annuitant.
21	18		(c) The amount of the supplemental payment is equal to the
22	19		lesser of:
23	20		(1) the gross amount of the regular annuity payment to
24	21		which the eligible annuitant is otherwise entitled for the calendar
25	22		month immediately prior to the calendar month in which the Teacher
26	23		Retirement System of Texas issues the one-time supplemental payment
27	24		in accordance with Subsection (b) of this section; or
28		-	(2) $2,~~400~~.
	25	+	(2) $2,000.
29	26		(d) The supplemental payment is payable without regard to
30	27		any forfeiture of benefits under Section 824.601, Government Code.
31	28		The Teacher Retirement System of Texas shall make applicable tax
32	29		withholding and other legally required deductions before
33	30		disbursing the supplemental payment. A supplemental payment under
34	31		this section is in addition to and not in lieu of the regular
35	32		monthly annuity payment to which the eligible annuitant is
36	33		otherwise entitled.
37	34		(e) Subject to Subsection (f) of this section, to be
38	35		eligible for the supplemental payment, a person must be, for the
39	36		calendar month immediately prior to the calendar month in which the
40	37		Teacher Retirement System of Texas issues the one-time supplemental
41	38		payment in accordance with Subsection (b) of this section, and
42	39		disregarding any forfeiture of benefits under Section 824.601,
43	40		Government Code, an annuitant eligible to receive:
44	41		(1) a standard retirement annuity payment;
45	42		(2) an optional retirement annuity payment as either a
46	43		retiree or beneficiary;
47	44		(3) a life annuity payment under Section
48	45		824.402(a)(4), Government Code;
49	46		(4) an annuity for a guaranteed period of 60 months
50	47		under Section 824.402(a)(3), Government Code; or
51	48		(5) an alternate payee annuity payment under Section
52	49		804.005, Government Code.
53	50		(f) If the annuitant is a retiree or a beneficiary under an
54	51		optional retirement payment plan, to be eligible for the
55	52		supplemental payment, the effective date of the retirement of the
56	53		member of the Teacher Retirement System of Texas must have been on
57	54		or before December 31, 2020. If the annuitant is a beneficiary
58	55		under Section 824.402(a)(3) or (4), Government Code, to be eligible
59	56		for the supplemental payment, the date of death of the member of the
60	57		retirement system must have been on or before December 31, 2018.
61	58		The supplemental payment shall be made to an alternate payee who is
62	59		an annuitant under Section 804.005, Government Code, only if the
63	60		annuity payment to the alternate payee commenced on or before
64	61		December 31, 2020. The supplemental payment is in addition to the
65	62		guaranteed number of payments under Section 824.204(c)(3) or (4),
66	63		Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
67	64		Code, and may not be counted as one of the guaranteed monthly
68	65		payments.
69	66		(g) The supplemental payment does not apply to payments
70	67		under:
71	68		(1) Section 824.304(a), Government Code, relating to
72	69		disability retirees with less than 10 years of service credit;
73	70		(2) Section 824.804(b), Government Code, relating to
74	71		participants in the deferred retirement option plan with regard to
75	72		payments from their deferred retirement option plan accounts;
76	73		(3) Section 824.501(a), Government Code, relating to
77	74		retiree survivor beneficiaries who receive a survivor annuity in an
78	75		amount fixed by statute; or
79	76		(4) Section 824.404(a), Government Code, relating to
80	77		active member survivor beneficiaries who receive a survivor annuity
81	78		in an amount fixed by statute.
82	79		(h) The board of trustees of the Teacher Retirement System
83	80		of Texas shall determine the eligibility for and the amount and
84	81		timing of a supplemental payment and the manner in which the payment
85	82		is made.
86	83		SECTION 2. This Act takes effect immediately if it receives
87	84		a vote of two-thirds of all the members elected to each house, as
88	85		provided by Section 39, Article III, Texas Constitution. If this
89	86		Act does not receive the vote necessary for immediate effect, this
90	87		Act takes effect September 1, 2021.