Texas 2021 - 87th 1st C.S.

Texas House Bill HB207 Compare Versions

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

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1	1	By: Muñoz, Jr. H.B. No. 207
2	2
3	3
4	4	A BILL TO BE ENTITLED
5	5	AN ACT
6	6	relating to a one-time supplemental payment of benefits under the
7	7	Teacher Retirement System of Texas.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. (a) Subject to Section 821.006, Government
10	10	Code, the Teacher Retirement System of Texas shall make a one-time
11	11	supplemental payment of a retirement or death benefit, as provided
12	12	by this section.
13	13	(b) The supplemental payment is payable not later than
14	14	January 2022 and, to the extent practicable, on a date or dates that
15	15	coincide with the regular annuity payment payable to each eligible
16	16	annuitant.
17	17	(c) The amount of the supplemental payment is equal to the
18	18	lesser of:
19	19	(1) the gross amount of the regular annuity payment to
20	20	which the eligible annuitant is otherwise entitled for the calendar
21	21	month immediately prior to the calendar month in which the Teacher
22	22	Retirement System of Texas issues the one-time supplemental payment
23	23	in accordance with Subsection (b) of this section; or
24	24	(2) $2,400.
25	25	(d) The supplemental payment is payable without regard to
26	26	any forfeiture of benefits under Section 824.601, Government Code.
27	27	The Teacher Retirement System of Texas shall make applicable tax
28	28	withholding and other legally required deductions before
29	29	disbursing the supplemental payment. A supplemental payment under
30	30	this section is in addition to and not in lieu of the regular
31	31	monthly annuity payment to which the eligible annuitant is
32	32	otherwise entitled.
33	33	(e) Subject to Subsection (f) of this section, to be
34	34	eligible for the supplemental payment, a person must be, for the
35	35	calendar month immediately prior to the calendar month in which the
36	36	Teacher Retirement System of Texas issues the one-time supplemental
37	37	payment in accordance with Subsection (b) of this section, and
38	38	disregarding any forfeiture of benefits under Section 824.601,
39	39	Government Code, an annuitant eligible to receive:
40	40	(1) a standard retirement annuity payment;
41	41	(2) an optional retirement annuity payment as either a
42	42	retiree or beneficiary;
43	43	(3) a life annuity payment under Section
44	44	824.402(a)(4), Government Code;
45	45	(4) an annuity for a guaranteed period of 60 months
46	46	under Section 824.402(a)(3), Government Code; or
47	47	(5) an alternate payee annuity payment under Section
48	48	804.005, Government Code.
49	49	(f) If the annuitant is a retiree or a beneficiary under an
50	50	optional retirement payment plan, to be eligible for the
51	51	supplemental payment, the effective date of the retirement of the
52	52	member of the Teacher Retirement System of Texas must have been on
53	53	or before December 31, 2020. If the annuitant is a beneficiary under
54	54	Section 824.402(a)(3) or (4), Government Code, to be eligible for
55	55	the supplemental payment, the date of death of the member of the
56	56	retirement system must have been on or before December 31, 2018. The
57	57	supplemental payment shall be made to an alternate payee who is an
58	58	annuitant under Section 804.005, Government Code, only if the
59	59	annuity payment to the alternate payee commenced on or before
60	60	December 31, 2020. The supplemental payment is in addition to the
61	61	guaranteed number of payments under Section 824.204(c)(3) or (4),
62	62	Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
63	63	Code, and may not be counted as one of the guaranteed monthly
64	64	payments.
65	65	(g) The supplemental payment does not apply to payments
66	66	under:
67	67	(1) Section 824.304(a), Government Code, relating to
68	68	disability retirees with less than 10 years of service credit;
69	69	(2) Section 824.804(b), Government Code, relating to
70	70	participants in the deferred retirement option plan with regard to
71	71	payments from their deferred retirement option plan accounts;
72	72	(3) Section 824.501(a), Government Code, relating to
73	73	retiree survivor beneficiaries who receive a survivor annuity in an
74	74	amount fixed by statute; or
75	75	(4) Section 824.404(a), Government Code, relating to
76	76	active member survivor beneficiaries who receive a survivor annuity
77	77	in an amount fixed by statute.
78	78	(h) The board of trustees of the Teacher Retirement System
79	79	of Texas shall determine the eligibility for and the amount and
80	80	timing of a supplemental payment and the manner in which the payment
81	81	is made.
82	82	SECTION 2. This Act takes effect immediately if it receives
83	83	a vote of two-thirds of all the members elected to each house, as
84	84	provided by Section 39, Article III, Texas Constitution. If this
85	85	Act does not receive the vote necessary for immediate effect, this
86	86	Act takes effect on the 91st day after the last day of the
87	87	legislative session.