Bill Text: TX HB3541 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-20 - Referred to Pensions [HB3541 Detail]
Download: Texas-2015-HB3541-Introduced.html
By: Darby | H.B. No. 3541 |
|
||
|
||
relating to a cost-of-living adjustment applicable to certain | ||
benefits paid by the Teacher Retirement System of Texas. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter H, Chapter 824, Government Code, is | ||
amended by adding Section 824.703 to read as follows: | ||
Sec. 824.703. ADDITIONAL COST-OF-LIVING ADJUSTMENT. (a) | ||
Notwithstanding Section 824.702, the retirement system shall make a | ||
one-time cost-of-living adjustment payable to annuitants receiving | ||
a monthly death or retirement benefit annuity, as provided by this | ||
section. | ||
(b) Subject to Subsections (c) and (d), to be eligible for | ||
the adjustment, a person must be, on the effective date of the | ||
adjustment and disregarding any forfeiture of benefits under | ||
Section 824.601, an annuitant eligible to receive: | ||
(1) a standard service or disability retirement | ||
annuity payment; | ||
(2) an optional service or disability retirement | ||
annuity payment as either a retiree or beneficiary; | ||
(3) an annuity payment under Section 824.402(a)(3) or | ||
(4); | ||
(4) an annuity payment under Section 824.502; or | ||
(5) an alternate payee annuity payment under Section | ||
804.005. | ||
(c) If the annuitant: | ||
(1) is a retiree, or is a beneficiary under an optional | ||
retirement payment plan, to be eligible for the adjustment under | ||
this section: | ||
(A) the annuitant must be living on the effective | ||
date of the adjustment; and | ||
(B) the effective date of the retirement of the | ||
member of the Teacher Retirement System of Texas must have been | ||
after August 31, 2004 and on or before August 31, 2013; | ||
(2) is a beneficiary under Section 824.402(a)(3) or | ||
(4) or 824.502, to be eligible for the adjustment: | ||
(A) the annuitant must be living on the effective | ||
date of the adjustment; and | ||
(B) the date of death of the member of the | ||
retirement system must have been after August 31, 2004 and on or | ||
before August 31, 2013; or | ||
(3) is an alternate payee under Section 804.005, the | ||
annuitant is eligible for the adjustment only if the effective date | ||
of the election to receive the annuity payment was after August 31, | ||
2004 and on or before August 31, 2013. | ||
(d) An adjustment made under this section does not apply to | ||
payments under: | ||
(1) Section 824.203(d), relating to retirees who | ||
receive a standard service retirement annuity in an amount fixed by | ||
statute; | ||
(2) Section 824.304(a), relating to disability | ||
retirees with less than 10 years of service credit; | ||
(3) Section 824.304(b)(2), relating to disability | ||
retirees who receive a disability annuity in an amount fixed by | ||
statute; | ||
(4) Section 824.404(a), relating to active member | ||
survivor beneficiaries who receive a survivor annuity in an amount | ||
fixed by statute; | ||
(5) Section 824.501(a), relating to retiree survivor | ||
beneficiaries who receive a survivor annuity in an amount fixed by | ||
statute; or | ||
(6) Section 824.804(b), relating to participants in | ||
the deferred retirement option plan with regard to payments from | ||
their deferred retirement option plan accounts. | ||
(e) An adjustment under this section: | ||
(1) must be made beginning with an annuity payable for | ||
the month of September 2015; and | ||
(2) is limited to the lesser of: | ||
(A) an amount equal to three percent of the | ||
monthly benefit subject to the increase; or | ||
(B) $100 a month. | ||
(f) The board of trustees shall determine the eligibility | ||
for and the amount of any adjustment in monthly annuities in | ||
accordance with this section. |