Texas 2021 - 87th 2nd C.S.

Texas House Bill HB8 Compare Versions

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

Old	New	Differences
1	1	87S20097 BDP-F
2	2	By: Rogers H.B. No. 8
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to a one-time supplemental payment of benefits under the
8	8	Teacher Retirement System of Texas.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. (a) Subject to Subsection (i) of this section
11	11	and Section 821.006, Government Code, the Teacher Retirement System
12	12	of Texas shall make a one-time supplemental payment of a retirement
13	13	or death benefit, as provided by this section.
14	14	(b) The supplemental payment is payable not later than
15	15	January 2022 and, to the extent practicable, on a date or dates that
16	16	coincide with the regular annuity payment payable to each eligible
17	17	annuitant.
18	18	(c) The amount of the supplemental payment is equal to the
19	19	lesser of:
20	20	(1) the gross amount of the regular annuity payment to
21	21	which the eligible annuitant is otherwise entitled for the calendar
22	22	month immediately prior to the calendar month in which the Teacher
23	23	Retirement System of Texas issues the one-time supplemental payment
24	24	in accordance with Subsection (b) of this section; or
25	25	(2) $2,400.
26	26	(d) The supplemental payment is payable without regard to
27	27	any forfeiture of benefits under Section 824.601, Government Code.
28	28	The Teacher Retirement System of Texas shall make applicable tax
29	29	withholding and other legally required deductions before
30	30	disbursing the supplemental payment. A supplemental payment under
31	31	this section is in addition to and not in lieu of the regular
32	32	monthly annuity payment to which the eligible annuitant is
33	33	otherwise entitled.
34	34	(e) Subject to Subsection (f) of this section, to be
35	35	eligible for the supplemental payment, a person must be, for the
36	36	calendar month immediately prior to the calendar month in which the
37	37	Teacher Retirement System of Texas issues the one-time supplemental
38	38	payment in accordance with Subsection (b) of this section, and
39	39	disregarding any forfeiture of benefits under Section 824.601,
40	40	Government Code, an annuitant eligible to receive:
41	41	(1) a standard retirement annuity payment;
42	42	(2) an optional retirement annuity payment as either a
43	43	retiree or beneficiary;
44	44	(3) a life annuity payment under Section
45	45	824.402(a)(4), Government Code;
46	46	(4) an annuity for a guaranteed period of 60 months
47	47	under Section 824.402(a)(3), Government Code; or
48	48	(5) an alternate payee annuity payment under Section
49	49	804.005, Government Code.
50	50	(f) If the annuitant is a retiree or a beneficiary under an
51	51	optional retirement payment plan, to be eligible for the
52	52	supplemental payment, the effective date of the retirement of the
53	53	member of the Teacher Retirement System of Texas must have been on
54	54	or before December 31, 2020. If the annuitant is a beneficiary
55	55	under Section 824.402(a)(3) or (4), Government Code, to be eligible
56	56	for the supplemental payment, the date of death of the member of the
57	57	retirement system must have been on or before December 31, 2020.
58	58	The supplemental payment shall be made to an alternate payee who is
59	59	an annuitant under Section 804.005, Government Code, only if the
60	60	annuity payment to the alternate payee commenced on or before
61	61	December 31, 2020. The supplemental payment is in addition to the
62	62	guaranteed number of payments under Section 824.204(c)(3) or (4),
63	63	Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
64	64	Code, and may not be counted as one of the guaranteed monthly
65	65	payments.
66	66	(g) The supplemental payment does not apply to payments
67	67	under:
68	68	(1) Section 824.304(a), Government Code, relating to
69	69	disability retirees with less than 10 years of service credit;
70	70	(2) Section 824.804(b), Government Code, relating to
71	71	participants in the deferred retirement option plan with regard to
72	72	payments from their deferred retirement option plan accounts;
73	73	(3) Section 824.501(a), Government Code, relating to
74	74	retiree survivor beneficiaries who receive a survivor annuity in an
75	75	amount fixed by statute; or
76	76	(4) Section 824.404(a), Government Code, relating to
77	77	active member survivor beneficiaries who receive a survivor annuity
78	78	in an amount fixed by statute.
79	79	(h) The board of trustees of the Teacher Retirement System
80	80	of Texas shall determine the eligibility for and the amount and
81	81	timing of a supplemental payment and the manner in which the payment
82	82	is made.
83	83	(i) The Teacher Retirement System of Texas is required to
84	84	make a one-time supplemental payment of benefits under this section
85	85	only if the board of trustees of the Teacher Retirement System of
86	86	Texas finds that the legislature appropriated money to the
87	87	retirement system in an amount sufficient to provide the
88	88	payment. The amount appropriated by the legislature to provide the
89	89	payment must be in addition to the amount the state is required to
90	90	contribute to the retirement system under Section 825.404,
91	91	Government Code. If the board of trustees of the Teacher Retirement
92	92	System of Texas finds that the legislature did not appropriate
93	93	money in an amount sufficient to provide a one-time supplemental
94	94	payment of benefits under this section, the retirement system may
95	95	not make the payment.
96	96	SECTION 2. This Act takes effect immediately if it receives
97	97	a vote of two-thirds of all the members elected to each house, as
98	98	provided by Section 39, Article III, Texas Constitution. If this
99	99	Act does not receive the vote necessary for immediate effect, this
100	100	Act takes effect on the 91st day after the last day of the
101	101	legislative session.