Bill Text: TX HB159 | 2021 | 87th Legislature 1st Special Session | Introduced
Bill Title: Relating to a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced - Dead) 2021-07-09 - Referred to Pensions, Investments & Financial Services [HB159 Detail]
Download: Texas-2021-HB159-Introduced.html
| 87S10230 BDP-F | ||
| By: Capriglione | H.B. No. 159 | |
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| relating to a cost-of-living adjustment 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 August | ||
| 31, 2019; | ||
| (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 August 31, 2019; 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 | ||
| August 31, 2019. | ||
| (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 | ||
| the month of November 2021; and | ||
| (2) is limited to the lesser of: | ||
| (A) an amount equal to six percent of the monthly | ||
| benefit subject to the increase; or | ||
| (B) $100 a month. | ||
| (f) The board of trustees shall determine the eligibility | ||
| for and the amount of any adjustment in monthly annuities in | ||
| accordance with this section. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect on the 91st day after the last day of the | ||
| legislative session. | ||
