88(R) HB 4933 - Introduced version - Bill Text
  88R16699 BDP-F
 
  By:  Allen H.B.  No.  4933

Statutes affected:
Introduced: ()

 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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