Bill Summary – FastDemocracy

      
            88R16845 TYPED
         
		By: Herrero
            H.B. No. 3911
         
               A BILL TO BE ENTITLED
            
               AN ACT
            
            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 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 August 
         
            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 August 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 
         
            August 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)  is limited to an amount equal to 10 percent of the 
         
            monthly benefit subject to the increase.
         
                   (f)  The board of trustees shall determine the eligibility 
         
            for and the amount of any adjustment in monthly annuities in 
         
            accordance with
Statutes affected: 
Introduced:  ()



	A BILL TO BE ENTITLED
	AN ACT
	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 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 August
	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 August 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
	August 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) is limited to an amount equal to 10 percent of the
	monthly benefit subject to the increase.
	(f) The board of trustees shall determine the eligibility
	for and the amount of any adjustment in monthly annuities in
	accordance with Statutes affected: Introduced: ()