H.B. No. 4029 seeks to enhance retirement benefits for law enforcement officers who are members of the Teacher Retirement System of Texas by establishing a supplemental program retirement fund. The bill defines key terms related to this program and sets eligibility criteria, allowing members with at least 25 years of supplemental program service credit to retire regardless of age. It also details the calculation of service retirement annuities, as well as provisions for disability retirement benefits and survivor annuities. 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 existing member accounts.

The legislation further outlines the management and investment of the supplemental program retirement fund, ensuring that funds are exclusively used for the benefits of supplemental program members and their beneficiaries. It establishes state contribution requirements based on fiscal years and includes administrative provisions for the retirement system. Employers are required to certify the names of supplemental program members within a specified timeframe. The changes will take effect for services performed on or after September 1, 2026, with the overall bill set to take effect on September 1, 2025.

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 822, Government Code 117, Government Code 825, Government Code 821)