Texas 2023 - 88th Regular

Texas House Bill HB4933 Compare Versions

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1	1	88R16699 BDP-F
2	2	By: Allen H.B. No. 4933
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to authorizing cost-of-living adjustments applicable to
8	8	certain benefits paid by the Teacher Retirement System of Texas.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Subchapter H, Chapter 824, Government Code, is
11	11	amended by adding Section 824.703 to read as follows:
12	12	Sec. 824.703. ADDITIONAL COST-OF-LIVING ADJUSTMENT. (a)
13	13	Notwithstanding Section 824.702 and subject to Section 821.006, the
14	14	retirement system shall make a one-time cost-of-living adjustment
15	15	payable to annuitants receiving a monthly death or retirement
16	16	benefit annuity, as provided by this section.
17	17	(b) Subject to Subsections (c) and (d), to be eligible for
18	18	the adjustment, a person must be, on the effective date of the
19	19	adjustment and disregarding any forfeiture of benefits under
20	20	Section 824.601, an annuitant eligible to receive:
21	21	(1) a standard service or disability retirement
22	22	annuity payment;
23	23	(2) an optional service or disability retirement
24	24	annuity payment as either a retiree or beneficiary;
25	25	(3) an annuity payment under Section 824.402(a)(3) or
26	26	(4);
27	27	(4) an annuity payment under Section 824.502; or
28	28	(5) an alternate payee annuity payment under Section
29	29	804.005.
30	30	(c) If the annuitant:
31	31	(1) is a retiree or is a beneficiary under an optional
32	32	retirement payment plan, to be eligible for the adjustment under
33	33	this section:
34	34	(A) the annuitant must be living on the effective
35	35	date of the adjustment; and
36	36	(B) the effective date of the retirement of the
37	37	member of the retirement system must have been on or before December
38	38	31, 2021;
39	39	(2) is a beneficiary under Section 824.402(a)(3) or
40	40	(4) or 824.502, to be eligible for the adjustment:
41	41	(A) the annuitant must be living on the effective
42	42	date of the adjustment; and
43	43	(B) the date of death of the member of the
44	44	retirement system must have been on or before December 31, 2021; or
45	45	(3) is an alternate payee under Section 804.005, the
46	46	annuitant is eligible for the adjustment only if the effective date
47	47	of the election to receive the annuity payment was on or before
48	48	December 31, 2021.
49	49	(d) An adjustment made under this section does not apply to
50	50	payments under:
51	51	(1) Section 824.203(d), relating to retirees who
52	52	receive a standard service retirement annuity in an amount fixed by
53	53	statute;
54	54	(2) Section 824.304(a), relating to disability
55	55	retirees with less than 10 years of service credit;
56	56	(3) Section 824.304(b)(2), relating to disability
57	57	retirees who receive a disability annuity in an amount fixed by
58	58	statute;
59	59	(4) Section 824.404(a), relating to active member
60	60	survivor beneficiaries who receive a survivor annuity in an amount
61	61	fixed by statute;
62	62	(5) Section 824.501(a), relating to retiree survivor
63	63	beneficiaries who receive a survivor annuity in an amount fixed by
64	64	statute; or
65	65	(6) Section 824.804(b), relating to participants in
66	66	the deferred retirement option plan with regard to payments from
67	67	their deferred retirement option plan accounts.
68	68	(e) An adjustment under this section:
69	69	(1) must be made beginning with an annuity payable for
70	70	the month of September 2023; and
71	71	(2) except as provided by Subsection (f), is an amount
72	72	equal to:
73	73	(A) 11 percent of the monthly benefit subject to
74	74	the increase if, as applicable, the effective date of the
75	75	retirement of the member, the date of death of the member, or the
76	76	effective date of the election to receive the annuity payment under
77	77	Section 804.005 was on or before December 31, 2007;
78	78	(B) seven percent of the monthly benefit subject
79	79	to the increase if, as applicable, the effective date of the
80	80	retirement of the member, the date of death of the member, or the
81	81	effective date of the election to receive the annuity payment under
82	82	Section 804.005 was after December 31, 2007, but on or before
83	83	December 31, 2016; or
84	84	(C) four percent of the monthly benefit subject
85	85	to the increase if, as applicable, the effective date of the
86	86	retirement of the member, the date of death of the member, or the
87	87	effective date of the election to receive the annuity payment under
88	88	Section 804.005 was after December 31, 2016, but on or before
89	89	December 31, 2021.
90	90	(f) The amount of an adjustment under Subsection (e)(2) must
91	91	be at least $60 but not more than $400.
92	92	(g) The board of trustees shall determine the eligibility
93	93	for and the amount of any adjustment in monthly annuities in
94	94	accordance with this section.
95	95	SECTION 2. This Act takes effect immediately if it receives
96	96	a vote of two-thirds of all the members elected to each house, as
97	97	provided by Section 39, Article III, Texas Constitution. If this
98	98	Act does not receive the vote necessary for immediate effect, this
99	99	Act takes effect September 1, 2023.