Bill Text: TX HB4933 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to authorizing cost-of-living adjustments applicable to certain benefits paid by the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-23 - Referred to Pensions, Investments & Financial Services [HB4933 Detail]
Download: Texas-2023-HB4933-Introduced.html
| 88R16699 BDP-F | ||
| By: Allen | H.B. No. 4933 | |
|
|
||
|
|
||
| relating to authorizing cost-of-living adjustments 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 and subject to Section 821.006, 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 retirement system must have been on or before December | ||
| 31, 2021; | ||
| (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 on or before December 31, 2021; 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 on or before | ||
| December 31, 2021. | ||
| (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 2023; and | ||
| (2) except as provided by Subsection (f), is an amount | ||
| equal to: | ||
| (A) 11 percent of the monthly benefit subject to | ||
| the increase if, as applicable, the effective date of the | ||
| retirement of the member, the date of death of the member, or the | ||
| effective date of the election to receive the annuity payment under | ||
| Section 804.005 was on or before December 31, 2007; | ||
| (B) seven percent of the monthly benefit subject | ||
| to the increase if, as applicable, the effective date of the | ||
| retirement of the member, the date of death of the member, or the | ||
| effective date of the election to receive the annuity payment under | ||
| Section 804.005 was after December 31, 2007, but on or before | ||
| December 31, 2016; or | ||
| (C) four percent of the monthly benefit subject | ||
| to the increase if, as applicable, the effective date of the | ||
| retirement of the member, the date of death of the member, or the | ||
| effective date of the election to receive the annuity payment under | ||
| Section 804.005 was after December 31, 2016, but on or before | ||
| December 31, 2021. | ||
| (f) The amount of an adjustment under Subsection (e)(2) must | ||
| be at least $60 but not more than $400. | ||
| (g) The board of trustees shall determine the eligibility | ||
| for and the amount of any adjustment in monthly annuities in | ||
| accordance with this section. | ||
| 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, 2023. | ||
