Bill Text: TX SB7 | 2021 | 87th Legislature 2nd Special Session | Enrolled


Bill Title: Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.

Spectrum: Slight Partisan Bill (Republican 97-46)

Status: (Passed) 2021-09-09 - Effective immediately [SB7 Detail]

Download: Texas-2021-SB7-Enrolled.html
 
 
  S.B. No. 7
 
 
 
 
AN ACT
  relating to a one-time supplemental payment of benefits under the
  Teacher Retirement System of Texas.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  (a)  Subject to Subsection (i) of this section
  and Section 821.006, Government Code, the Teacher Retirement System
  of Texas shall make a one-time supplemental payment of a retirement
  or death benefit, as provided by this section.
         (b)  The supplemental payment is payable not later than
  January 2022 and, to the extent practicable, on a date or dates that
  coincide with the regular annuity payment payable to each eligible
  annuitant.
         (c)  The amount of the supplemental payment is equal to the
  lesser of:
               (1)  the gross amount of the regular annuity payment to
  which the eligible annuitant is otherwise entitled for the calendar
  month immediately prior to the calendar month in which the Teacher
  Retirement System of Texas issues the one-time supplemental payment
  in accordance with Subsection (b) of this section; or
               (2)  $2,400.
         (d)  The supplemental payment is payable without regard to
  any forfeiture of benefits under Section 824.601, Government Code.
  The Teacher Retirement System of Texas shall make applicable tax
  withholding and other legally required deductions before
  disbursing the supplemental payment. A supplemental payment under
  this section is in addition to and not in lieu of the regular
  monthly annuity payment to which the eligible annuitant is
  otherwise entitled.
         (e)  Subject to Subsection (f) of this section, to be
  eligible for the supplemental payment, a person must be, for the
  calendar month immediately prior to the calendar month in which the
  Teacher Retirement System of Texas issues the one-time supplemental
  payment in accordance with Subsection (b) of this section, and
  disregarding any forfeiture of benefits under Section 824.601,
  Government Code, an annuitant eligible to receive:
               (1)  a standard retirement annuity payment;
               (2)  an optional retirement annuity payment as either a
  retiree or beneficiary;
               (3)  a life annuity payment under Section
  824.402(a)(4), Government Code;
               (4)  an annuity for a guaranteed period of 60 months
  under Section 824.402(a)(3), Government Code; or
               (5)  an alternate payee annuity payment under Section
  804.005, Government Code.
         (f)  If the annuitant is a retiree or a beneficiary under an
  optional retirement payment plan, to be eligible for the
  supplemental payment, the effective date of the retirement of the
  member of the Teacher Retirement System of Texas must have been on
  or before December 31, 2020. If the annuitant is a beneficiary
  under Section 824.402(a)(3) or (4), Government Code, to be eligible
  for the supplemental payment, the date of death of the member of the
  retirement system must have been on or before December 31, 2020.
  The supplemental payment shall be made to an alternate payee who is
  an annuitant under Section 804.005, Government Code, only if the
  annuity payment to the alternate payee commenced on or before
  December 31, 2020. The supplemental payment is in addition to the
  guaranteed number of payments under Section 824.204(c)(3) or (4),
  Section 824.308(c)(3) or (4), or Section 824.402(a)(3), Government
  Code, and may not be counted as one of the guaranteed monthly
  payments.
         (g)  The supplemental payment does not apply to payments
  under:
               (1)  Section 824.304(a), Government Code, relating to
  disability retirees with less than 10 years of service credit;
               (2)  Section 824.804(b), Government Code, relating to
  participants in the deferred retirement option plan with regard to
  payments from their deferred retirement option plan accounts;
               (3)  Section 824.501(a), Government Code, relating to
  retiree survivor beneficiaries who receive a survivor annuity in an
  amount fixed by statute; or
               (4)  Section 824.404(a), Government Code, relating to
  active member survivor beneficiaries who receive a survivor annuity
  in an amount fixed by statute.
         (h)  The board of trustees of the Teacher Retirement System
  of Texas shall determine the eligibility for and the amount and
  timing of a supplemental payment and the manner in which the payment
  is made.
         (i)  The Teacher Retirement System of Texas is required to
  make a one-time supplemental payment of benefits under this section
  only if the board of trustees of the Teacher Retirement System of
  Texas finds that the legislature appropriated money to the
  retirement system in an amount sufficient to provide the
  payment.  The amount appropriated by the legislature to provide the
  payment must be in addition to the amount the state is required to
  contribute to the retirement system under Section 825.404,
  Government Code. If the board of trustees of the Teacher Retirement
  System of Texas finds that the legislature did not appropriate
  money in an amount sufficient to provide a one-time supplemental
  payment of benefits under this section, the retirement system may
  not make the payment.
         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 on the 91st day after the last day of the
  legislative session.
 
 
 
 
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
         I hereby certify that S.B. No. 7 passed the Senate on
  August 9, 2021, by the following vote:  Yeas 29, Nays 0.
 
 
  ______________________________
  Secretary of the Senate    
 
         I hereby certify that S.B. No. 7 passed the House on
  August 30, 2021, by the following vote:  Yeas 125, Nays 0, one
  present not voting.
 
 
  ______________________________
  Chief Clerk of the House   
 
 
 
  Approved:
 
  ______________________________ 
              Date
 
 
  ______________________________ 
            Governor
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