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 introduces new definitions for terms such as "supplemental program member," "supplemental program service," and "supplemental program service credit." It allows members with at least 25 years of supplemental program service credit to retire regardless of age, providing them with a service retirement annuity calculated based on their average annual compensation. Additionally, the bill outlines provisions for disability retirement benefits, ensuring a minimum guarantee of 50% of the member's average annual compensation, and survivor benefits for these members.

To fund the supplemental program retirement fund, the bill mandates an additional 0.5 percent deduction from the compensation of supplemental program members, with contributions earning interest at the same rate as existing member savings accounts. It also establishes state contribution requirements based on fiscal years and includes administrative provisions for managing the fund. Employers are required to certify the names of supplemental program members to the retirement system within a specified timeframe. The changes will take effect for services performed on or after September 1, 2026, with the bill itself 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 821, Government Code 117, Government Code 825, Government Code 822)
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 821, Government Code 117, Government Code 825, Government Code 822)