Texas 2021 - 87th 2nd C.S.

Texas Senate Bill SB7 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	S.B. No. 7
	1	+	By: Huffman, et al. S.B. No. 7
	2	+	(Rogers)
2	3
3	4
	5	+	A BILL TO BE ENTITLED
4	6		AN ACT
5	7		relating to a one-time supplemental payment of benefits under the
6	8		Teacher Retirement System of Texas.
7	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	10		SECTION 1. (a) Subject to Subsection (i) of this section
9	11		and Section 821.006, Government Code, the Teacher Retirement System
10	12		of Texas shall make a one-time supplemental payment of a retirement
11	13		or death benefit, as provided by this section.
12	14		(b) The supplemental payment is payable not later than
13	15		January 2022 and, to the extent practicable, on a date or dates that
14	16		coincide with the regular annuity payment payable to each eligible
15	17		annuitant.
16	18		(c) The amount of the supplemental payment is equal to the
17	19		lesser of:
18	20		(1) the gross amount of the regular annuity payment to
19	21		which the eligible annuitant is otherwise entitled for the calendar
20	22		month immediately prior to the calendar month in which the Teacher
21	23		Retirement System of Texas issues the one-time supplemental payment
22	24		in accordance with Subsection (b) of this section; or
23	25		(2) $2,400.
24	26		(d) The supplemental payment is payable without regard to
25	27		any forfeiture of benefits under Section 824.601, Government Code.
26	28		The Teacher Retirement System of Texas shall make applicable tax
27	29		withholding and other legally required deductions before
28	30		disbursing the supplemental payment. A supplemental payment under
29	31		this section is in addition to and not in lieu of the regular
30	32		monthly annuity payment to which the eligible annuitant is
31	33		otherwise entitled.
32	34		(e) Subject to Subsection (f) of this section, to be
33	35		eligible for the supplemental payment, a person must be, for the
34	36		calendar month immediately prior to the calendar month in which the
35	37		Teacher Retirement System of Texas issues the one-time supplemental
36	38		payment in accordance with Subsection (b) of this section, and
37	39		disregarding any forfeiture of benefits under Section 824.601,
38	40		Government Code, an annuitant eligible to receive:
39	41		(1) a standard retirement annuity payment;
40	42		(2) an optional retirement annuity payment as either a
41	43		retiree or beneficiary;
42	44		(3) a life annuity payment under Section
43	45		824.402(a)(4), Government Code;
44	46		(4) an annuity for a guaranteed period of 60 months
45	47		under Section 824.402(a)(3), Government Code; or
46	48		(5) an alternate payee annuity payment under Section
47	49		804.005, Government Code.
48	50		(f) If the annuitant is a retiree or a beneficiary under an
49	51		optional retirement payment plan, to be eligible for the
50	52		supplemental payment, the effective date of the retirement of the
51	53		member of the Teacher Retirement System of Texas must have been on
52	54		or before December 31, 2020. If the annuitant is a beneficiary
53	55		under Section 824.402(a)(3) or (4), Government Code, to be eligible
54	56		for the supplemental payment, the date of death of the member of the
55	57		retirement system must have been on or before December 31, 2020.
56	58		The supplemental payment shall be made to an alternate payee who is
57	59		an annuitant under Section 804.005, Government Code, only if the
58	60		annuity payment to the alternate payee commenced on or before
59	61		December 31, 2020. The supplemental payment is in addition to the
60	62		guaranteed number of payments under Section 824.204(c)(3) or (4),
61	63		Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
62	64		Code, and may not be counted as one of the guaranteed monthly
63	65		payments.
64	66		(g) The supplemental payment does not apply to payments
65	67		under:
66	68		(1) Section 824.304(a), Government Code, relating to
67	69		disability retirees with less than 10 years of service credit;
68	70		(2) Section 824.804(b), Government Code, relating to
69	71		participants in the deferred retirement option plan with regard to
70	72		payments from their deferred retirement option plan accounts;
71	73		(3) Section 824.501(a), Government Code, relating to
72	74		retiree survivor beneficiaries who receive a survivor annuity in an
73	75		amount fixed by statute; or
74	76		(4) Section 824.404(a), Government Code, relating to
75	77		active member survivor beneficiaries who receive a survivor annuity
76	78		in an amount fixed by statute.
77	79		(h) The board of trustees of the Teacher Retirement System
78	80		of Texas shall determine the eligibility for and the amount and
79	81		timing of a supplemental payment and the manner in which the payment
80	82		is made.
81	83		(i) The Teacher Retirement System of Texas is required to
82	84		make a one-time supplemental payment of benefits under this section
83	85		only if the board of trustees of the Teacher Retirement System of
84	86		Texas finds that the legislature appropriated money to the
85	87		retirement system in an amount sufficient to provide the
86	88		payment. The amount appropriated by the legislature to provide the
87	89		payment must be in addition to the amount the state is required to
88	90		contribute to the retirement system under Section 825.404,
89	91		Government Code. If the board of trustees of the Teacher Retirement
90	92		System of Texas finds that the legislature did not appropriate
91	93		money in an amount sufficient to provide a one-time supplemental
92	94		payment of benefits under this section, the retirement system may
93	95		not make the payment.
94	96		SECTION 2. This Act takes effect immediately if it receives
95	97		a vote of two-thirds of all the members elected to each house, as
96	98		provided by Section 39, Article III, Texas Constitution. If this
97	99		Act does not receive the vote necessary for immediate effect, this
98	100		Act takes effect on the 91st day after the last day of the
99	101		legislative session.
100		-	______________________________ ______________________________
101		-	President of the Senate Speaker of the House
102		-	I hereby certify that S.B. No. 7 passed the Senate on
103		-	August 9, 2021, by the following vote: Yeas 29, Nays 0.
104		-	______________________________
105		-	Secretary of the Senate
106		-	I hereby certify that S.B. No. 7 passed the House on
107		-	August 30, 2021, by the following vote: Yeas 125, Nays 0, one
108		-	present not voting.
109		-	______________________________
110		-	Chief Clerk of the House
111		-	Approved:
112		-	______________________________
113		-	Date
114		-	______________________________
115		-	Governor