Texas 2021 - 87th 1st C.S.

Texas Senate Bill SB7 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Huffman, et al. S.B. No. 7
	1	+	By: Huffman S.B. No. 7
	2	+	(In the Senate - Filed July 8, 2021; July 8, 2021, read
	3	+	first time and referred to Committee on Finance; July 12, 2021,
	4	+	reported favorably by the following vote: Yeas 15, Nays 0;
	5	+	July 12, 2021, sent to printer.)
	6	+	Click here to see the committee vote
2	7
3	8
4	9		A BILL TO BE ENTITLED
5	10		AN ACT
6	11		relating to a one-time supplemental payment of benefits under the
7	12		Teacher Retirement System of Texas.
8	13		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	14		SECTION 1. (a) Subject to Subsection (i) of this section
10	15		and Section 821.006, Government Code, the Teacher Retirement System
11	16		of Texas shall make a one-time supplemental payment of a retirement
12	17		or death benefit, as provided by this section.
13	18		(b) The supplemental payment is payable not later than
14	19		January 2022 and, to the extent practicable, on a date or dates that
15	20		coincide with the regular annuity payment payable to each eligible
16	21		annuitant.
17	22		(c) The amount of the supplemental payment is equal to the
18	23		lesser of:
19	24		(1) the gross amount of the regular annuity payment to
20	25		which the eligible annuitant is otherwise entitled for the calendar
21	26		month immediately prior to the calendar month in which the Teacher
22	27		Retirement System of Texas issues the one-time supplemental payment
23	28		in accordance with Subsection (b) of this section; or
24	29		(2) $2,400.
25	30		(d) The supplemental payment is payable without regard to
26	31		any forfeiture of benefits under Section 824.601, Government Code.
27	32		The Teacher Retirement System of Texas shall make applicable tax
28	33		withholding and other legally required deductions before
29	34		disbursing the supplemental payment. A supplemental payment under
30	35		this section is in addition to and not in lieu of the regular
31	36		monthly annuity payment to which the eligible annuitant is
32	37		otherwise entitled.
33	38		(e) Subject to Subsection (f) of this section, to be
34	39		eligible for the supplemental payment, a person must be, for the
35	40		calendar month immediately prior to the calendar month in which the
36	41		Teacher Retirement System of Texas issues the one-time supplemental
37	42		payment in accordance with Subsection (b) of this section, and
38	43		disregarding any forfeiture of benefits under Section 824.601,
39	44		Government Code, an annuitant eligible to receive:
40	45		(1) a standard retirement annuity payment;
41	46		(2) an optional retirement annuity payment as either a
42	47		retiree or beneficiary;
43	48		(3) a life annuity payment under Section
44	49		824.402(a)(4), Government Code;
45	50		(4) an annuity for a guaranteed period of 60 months
46	51		under Section 824.402(a)(3), Government Code; or
47	52		(5) an alternate payee annuity payment under Section
48	53		804.005, Government Code.
49	54		(f) If the annuitant is a retiree or a beneficiary under an
50	55		optional retirement payment plan, to be eligible for the
51	56		supplemental payment, the effective date of the retirement of the
52	57		member of the Teacher Retirement System of Texas must have been on
53	58		or before December 31, 2020. If the annuitant is a beneficiary
54	59		under Section 824.402(a)(3) or (4), Government Code, to be eligible
55	60		for the supplemental payment, the date of death of the member of the
56	61		retirement system must have been on or before December 31, 2020.
57	62		The supplemental payment shall be made to an alternate payee who is
58	63		an annuitant under Section 804.005, Government Code, only if the
59	64		annuity payment to the alternate payee commenced on or before
60	65		December 31, 2020. The supplemental payment is in addition to the
61	66		guaranteed number of payments under Section 824.204(c)(3) or (4),
62	67		Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
63	68		Code, and may not be counted as one of the guaranteed monthly
64	69		payments.
65	70		(g) The supplemental payment does not apply to payments
66	71		under:
67	72		(1) Section 824.304(a), Government Code, relating to
68	73		disability retirees with less than 10 years of service credit;
69	74		(2) Section 824.804(b), Government Code, relating to
70	75		participants in the deferred retirement option plan with regard to
71	76		payments from their deferred retirement option plan accounts;
72	77		(3) Section 824.501(a), Government Code, relating to
73	78		retiree survivor beneficiaries who receive a survivor annuity in an
74	79		amount fixed by statute; or
75	80		(4) Section 824.404(a), Government Code, relating to
76	81		active member survivor beneficiaries who receive a survivor annuity
77	82		in an amount fixed by statute.
78	83		(h) The board of trustees of the Teacher Retirement System
79	84		of Texas shall determine the eligibility for and the amount and
80	85		timing of a supplemental payment and the manner in which the payment
81	86		is made.
82	87		(i) The Teacher Retirement System of Texas is required to
83	88		make a one-time supplemental payment of benefits under this section
84	89		only if the board of trustees of the Teacher Retirement System of
85	90		Texas finds that the legislature appropriated money to the
86		-	retirement system in an amount sufficient to provide the
87		-	payment. The amount appropriated by the legislature to provide the
88		-	payment must be in addition to the amount the state is required to
89		-	contribute to the retirement system under Section 825.404,
90		-	Government Code. If the board of trustees of the Teacher Retirement
91		-	System of Texas finds that the legislature did not appropriate
92		-	money in an amount sufficient to provide a one-time supplemental
93		-	payment of benefits under this section, the retirement system may
94		-	not make the payment.
	91	+	retirement system in an amount sufficient to provide the payment.
	92	+	If the board of trustees of the Teacher Retirement System of Texas
	93	+	finds that the legislature did not appropriate money in an amount
	94	+	sufficient to provide a one-time supplemental payment of benefits
	95	+	under this section, the retirement system may not make the payment.
95	96		SECTION 2. This Act takes effect immediately if it receives
96	97		a vote of two-thirds of all the members elected to each house, as
97	98		provided by Section 39, Article III, Texas Constitution. If this
98	99		Act does not receive the vote necessary for immediate effect, this
99	100		Act takes effect on the 91st day after the last day of the
100	101		legislative session.
	102	+	* * * * *