Texas 2025 - 89th Regular

Texas House Bill HB5322 Compare Versions

Version 1 (Old)

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1	1		By: Barry H.B. No. 5322
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4	6		A BILL TO BE ENTITLED
5	7		AN ACT
6	8		relating to benefits paid by the Teacher Retirement System of
7	9		Texas.
8	10		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	11		SECTION 1. (a) Subject to Subsection (i) of this section
10	12		and Section 821.006, Government Code, the Teacher Retirement System
11	13		of Texas shall make a one-time supplemental payment of a retirement
12	14		or death benefit, as provided by this section.
13	15		(b) The supplemental payment is payable not later than
14	16		January 2026 and, to the extent practicable, on a date or dates that
15	17		coincide with the regular annuity payment payable to each eligible
16	18		annuitant.
17	19		(c) The amount of the supplemental payment is equal to the
18	20		lessor of
19	21		(1) the gross amount of the regular annuity payment to which
20	22		the eligible annuitant is otherwise entitled for the calendar month
21	23		immediately prior to the calendar month in which the Teacher
22	24		Retirement System of Texas issues the one-time supplemental payment
23	25		in accordance with Subsection (b) of this section;
24	26		(2) Or $3,000.
25	27		(d) The supplemental payment is payable without regard to
26	28		any forfeiture of benefits under Section 824.601, Government Code.
27	29		The Teacher Retirement System of Texas shall make applicable tax
28	30		withholding and other legally required deductions before
29	31		disbursing the supplemental payment. A supplemental payment under
30	32		this section is in addition to and not in lieu of the regular
31	33		monthly annuity payment to which the eligible annuitant is
32	34		otherwise entitled.
33	35		(e) Subject to Subsection (f) of this section, to be
34	36		eligible for the supplemental payment, a person must be, for the
35	37		calendar month immediately prior to the calendar month in which the
36	38		Teacher Retirement System of Texas issues the one-time supplemental
37	39		payment in accordance with Subsection (b) of this section, and
38	40		disregarding any forfeiture of benefits under Section 824.601,
39	41		Government Code, an annuitant eligible to receive:
40	42		(1) a standard retirement annuity payment;
41	43		(2) an optional retirement annuity payment as either a
42	44		retiree or beneficiary;
43	45		(3) a life annuity payment under Section
44	46		824.402(a)(4), Government Code;
45	47		(4) an annuity for a guaranteed period of 60 months
46	48		under Section 824.402(a)(3), Government Code; or
47	49		(5) an alternate payee annuity payment under Section
48	50		804.005, Government Code.
49	51		(f) If the annuitant is a retiree or a beneficiary under an
50	52		optional retirement payment plan, to be eligible for the
51	53		supplemental payment, the effective date of the retirement of the
52	54		member of the Teacher Retirement System of Texas must have been on
53	55		or before December 31, 2024. If the annuitant is a beneficiary
54	56		under Section 824.402(a)(3) or (4), Government Code, to be eligible
55	57		for the supplemental payment, the date of death of the member of the
56	58		retirement system must have been on or before December 31, 2024.
57	59		The supplemental payment shall be made to an alternate payee who is
58	60		an annuitant under Section 804.005, Government Code, only if the
59	61		annuity payment to the alternate payee commenced on or before
60	62		December 31, 2024. The supplemental payment is in addition to the
61	63		guaranteed number of payments under Section 824.204(c)(3) or (4),
62	64		Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
63	65		Code, and may not be counted as one of the guaranteed monthly
64	66		payments.
65	67		(g) The supplemental payment does not apply to payments
66	68		under:
67	69		(1) Section 824.304(a), Government Code, relating to
68	70		disability retirees with less than 10 years of service credit;
69	71		(2) Section 824.804(b), Government Code, relating to
70	72		participants in the deferred retirement option plan with regard to
71	73		payments from their deferred retirement option plan accounts;
72	74		(3) Section 824.501(a), Government Code, relating to
73	75		retiree survivor beneficiaries who receive a survivor annuity in an
74	76		amount fixed by statute; or
75	77		(4) Section 824.404(a), Government Code, relating to
76	78		active member survivor beneficiaries who receive a survivor annuity
77	79		in an amount fixed by statute.
78	80		(h) The board of trustees of the Teacher Retirement System
79	81		of Texas shall determine the eligibility for and the amount and
80	82		timing of a supplemental payment and the manner in which the payment
81	83		is made.
82	84		(i) The Teacher Retirement System of Texas is required to
83	85		make a one-time supplemental payment of benefits under this section
84	86		only if the board of trustees of the Teacher Retirement System of
85	87		Texas finds that the legislature appropriated money to the
86	88		retirement system in an amount sufficient to provide the payment.
87	89		The amount appropriated by the legislature to provide the payment
88	90		must be in addition to the amount the state is required to
89	91		contribute to the retirement system under Section 825.404,
90	92		Government Code. If the board of trustees of the Teacher Retirement
91	93		System of Texas finds that the legislature did not appropriate
92	94		money in an amount sufficient to provide a one-time supplemental
93	95		payment of benefits under this section, the retirement system may
94	96		not make the payment.
95	97		SECTION 2. This Act takes effect immediately if it receives
96	98		a vote of two-thirds of all the members elected to each house, as
97	99		provided by Section 39, Article III, Texas Constitution. If this
98	100		Act does not receive the vote necessary for immediate effect, this
99	101		Act.