Bill Text: TX HB2341 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to a one-time supplemental annuity payment to retirees of the Teacher Retirement System of Texas.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2011-03-10 - Referred to Pensions, Investments & Financial Services [HB2341 Detail]
Download: Texas-2011-HB2341-Introduced.html
| 82R8117 KFF-D | ||
| By: Ritter | H.B. No. 2341 | |
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| relating to a one-time supplemental annuity payment to retirees of | ||
| the Teacher Retirement System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter A, Chapter 824, Government Code, is | ||
| amended by adding Section 824.008 to read as follows: | ||
| Sec. 824.008. SUPPLEMENTAL PAYMENTS. (a) Not later than | ||
| August 31, 2013, the retirement system may make a one-time | ||
| supplemental payment as provided by this section to persons whose | ||
| annuities are payable by the system and are based on service | ||
| retirements, disability retirements, or deaths. A supplemental | ||
| payment made under this section is in addition to the regular | ||
| monthly annuity payment. A supplemental payment under this section | ||
| is subject to and must comply with Sections 821.006 and 825.402(c). | ||
| (b) The board of trustees shall determine: | ||
| (1) who is eligible to receive the supplemental | ||
| payment based on years of service, effective date of retirement or | ||
| death, as applicable, and other reasonable criteria; | ||
| (2) the amount and timing of the supplemental payment; | ||
| and | ||
| (3) the manner in which the payment is made. | ||
| (c) The retirement system shall pay any supplemental | ||
| payment made under this section from the retired reserve account | ||
| and may transfer to that account from the state contribution | ||
| account any portion of the supplemental payment amount that exceeds | ||
| the amount in the retired reserve account available to finance the | ||
| supplemental payment and that is actuarially determined to be | ||
| necessary to finance the supplemental payment. | ||
| (d) This section expires September 1, 2013. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2011. | ||
