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

Texas Senate Bill 7 (Prior Session Legislation)

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

Sponsorship: Broadly Bipartisan Bill

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