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AN ACT
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relating to certain benefits paid by the Teacher Retirement System |
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of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter H, Chapter 824, Government Code, is |
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amended by adding Section 824.703 to read as follows: |
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Sec. 824.703. COST-OF-LIVING ADJUSTMENT: JANUARY 2024. |
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(a) The retirement system shall make a one-time cost-of-living |
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adjustment payable to annuitants receiving a monthly death or |
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retirement benefit annuity, as provided by this section. |
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(b) Subject to Subsection (c) and except as provided by |
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Subsection (d), to be eligible for the adjustment, a person must be, |
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on the effective date of the adjustment and disregarding any |
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forfeiture of benefits under Section 824.601, an annuitant eligible |
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to receive: |
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(1) a standard service or disability retirement |
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annuity payment; |
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(2) an optional service or disability retirement |
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annuity payment as either a retiree or beneficiary; |
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(3) an annuity payment under Section 824.402(a)(3) or |
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(4); |
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(4) an annuity payment under Section 824.502; or |
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(5) an alternate payee annuity payment under Section |
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804.005. |
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(c) If the annuitant: |
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(1) is a retiree, or is a beneficiary under an optional |
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service or disability retirement payment plan, to be eligible for |
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the adjustment under this section: |
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(A) the annuitant must be living on the effective |
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date of the adjustment; and |
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(B) the effective date of the retirement of the |
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member of the retirement system on whose service the annuity is |
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based must have been on or before August 31, 2020; |
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(2) is a beneficiary under Section 824.402(a)(3) or |
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(4) or 824.502, to be eligible for the adjustment: |
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(A) the annuitant must be living on the effective |
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date of the adjustment; and |
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(B) the date of death of the member of the |
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retirement system on whose service the annuity is based must have |
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been on or before August 31, 2020; or |
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(3) is an alternate payee under Section 804.005, to be |
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eligible for the adjustment: |
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(A) the annuitant must be living on the effective |
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date of the adjustment; and |
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(B) the effective date of the annuitant's |
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election to receive the annuity payment was on or before August 31, |
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2020. |
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(d) An adjustment made under this section does not apply to |
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payments under: |
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(1) Section 824.203(d), relating to retirees who |
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receive a standard service retirement annuity in an amount fixed by |
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statute; |
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(2) Section 824.304(a), relating to disability |
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retirees with less than 10 years of service credit; |
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(3) Section 824.304(b)(2), relating to disability |
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retirees who receive a disability annuity in an amount fixed by |
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statute; |
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(4) Section 824.404(a), relating to active member |
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survivor beneficiaries who receive a survivor annuity in an amount |
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fixed by statute; |
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(5) Section 824.501(a), relating to retiree survivor |
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beneficiaries who receive a survivor annuity in an amount fixed by |
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statute; or |
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(6) Section 824.804(b), relating to participants in |
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the deferred retirement option plan with regard to payments from |