H.B. No. 4029 amends the Government Code to create a supplemental program retirement fund specifically for law enforcement officers who are members of the Teacher Retirement System of Texas. The bill defines key terms related to the supplemental program and establishes eligibility criteria for retirement, allowing members with at least 25 years of supplemental program service credit to retire regardless of age. It also addresses disability retirement benefits and survivor annuities for these members. Additionally, the bill mandates that employers deduct an extra 0.5 percent from the compensation of supplemental program members to fund this new retirement program, with contributions earning interest at the same rate as individual accounts in the member savings account.

The legislation outlines the state's contribution requirements to the retirement system, specifying a range of percentages based on fiscal years, and includes provisions for employers to certify the names of supplemental program members. The changes are set to take effect on September 1, 2025, with employers required to begin collecting contributions for the supplemental program retirement fund based on service performed on or after September 1, 2026. The board of trustees will be responsible for adopting rules to implement these changes, ensuring a smooth transition for members whose employment began before the specified date.

Statutes affected:
Introduced: Government Code 821.001, Government Code 822.005, Government Code 825.102, Government Code 825.103, Government Code 825.208, Government Code 825.301, Government Code 117.004, Government Code 825.306, Government Code 825.403, Government Code 825.404 (Government Code 117, Government Code 822, Government Code 821, Government Code 825)
House Committee Report: Government Code 821.001, Government Code 822.005, Government Code 825.102, Government Code 825.103, Government Code 825.208, Government Code 825.301, Government Code 117.004, Government Code 825.306, Government Code 825.403, Government Code 825.404 (Government Code 117, Government Code 822, Government Code 821, Government Code 825)