Bill Text: TX HB830 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to certain benefits paid by the Employees Retirement System of Texas.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2023-03-01 - Referred to Pensions, Investments & Financial Services [HB830 Detail]
Download: Texas-2023-HB830-Introduced.html
| 88R2790 BDP-D | ||
| By: Allen | H.B. No. 830 | |
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| relating to certain benefits paid by the Employees Retirement | ||
| System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter G, Chapter 814, Government Code, is | ||
| amended by adding Sections 814.605 and 814.606 to read as follows: | ||
| Sec. 814.605. ONE-TIME ADJUSTMENT TO BENEFITS. (a) The | ||
| amount of a monthly service retirement benefit, disability | ||
| retirement benefit, or death benefit paid under this chapter to a | ||
| retiree or beneficiary for service credited in the employee class | ||
| is increased to include a one-time 10 percent adjustment in | ||
| accordance with this section. | ||
| (b) The board of trustees shall recompute the amount of a | ||
| benefit paid monthly under this chapter by applying the 10 percent | ||
| adjustment to the monthly amount otherwise required to be paid as | ||
| determined in accordance with this chapter. | ||
| Sec. 814.606. ANNUAL COST-OF-LIVING ADJUSTMENT. (a) | ||
| Notwithstanding Section 814.605, the amount of a monthly service | ||
| retirement benefit, disability retirement benefit, or death | ||
| benefit paid under this chapter to a retiree or beneficiary for | ||
| service credited in the employee class is increased to include a | ||
| four percent annual cost-of-living adjustment in accordance with | ||
| this section. | ||
| (b) On January 1 of each year, the board of trustees shall | ||
| recompute the amount of a benefit paid monthly under this chapter by | ||
| applying the four percent adjustment to the monthly amount | ||
| otherwise required to be paid as determined in accordance with this | ||
| chapter. | ||
| SECTION 2. (a) The Employees Retirement System of Texas | ||
| shall make a one-time supplemental payment of a retirement or death | ||
| benefit, as provided by this section. | ||
| (b) A supplemental payment is payable in January 2024, and, | ||
| to the extent practicable, on a date or dates that coincide with the | ||
| regular annuity payment payable to each eligible annuitant. | ||
| (c) The amount of the supplemental payment is equal to the | ||
| lesser of: | ||
| (1) $2,000; or | ||
| (2) the gross amount of the regular annuity payment to | ||
| which the eligible annuitant is otherwise entitled for the month of | ||
| December 2023. | ||
| (d) The Employees Retirement System of Texas shall make | ||
| applicable tax withholding and other legally required deductions | ||
| before disbursing the supplemental payment. A supplemental payment | ||
| under this section is in addition to and not in lieu of the regular | ||
| monthly annuity payment to which the eligible annuitant is | ||
| otherwise entitled. | ||
| (e) Subject to Subsections (f) and (g) of this section, to | ||
| be eligible for the supplemental payment, a person must be, for the | ||
| month of December 2023, an annuitant eligible to receive: | ||
| (1) a standard retirement annuity payment; | ||
| (2) an optional service retirement annuity payment as | ||
| either a retiree or beneficiary under Section 814.108, Government | ||
| Code; | ||
| (3) a standard or occupational disability retirement | ||
| annuity payment; | ||
| (4) a death benefit annuity payment under Section | ||
| 814.305, Government Code; or | ||
| (5) an alternate payee annuity payment under Section | ||
| 804.005, Government Code. | ||
| (f) If the annuitant is a retiree or a beneficiary under an | ||
| optional retirement payment plan, to be eligible for the | ||
| supplemental payment, the effective date of the retirement of the | ||
| member of the Employees Retirement System of Texas must have been on | ||
| or before September 1, 2022. The supplemental payment shall be made | ||
| to an alternate payee who is an annuitant under Section 804.005, | ||
| Government Code, only if the annuity payment to the alternate payee | ||
| commenced on or before September 1, 2022. The supplemental payment | ||
| is in addition to the guaranteed number of payments under Section | ||
| 814.108, Government Code, and may not be counted as one of the | ||
| guaranteed monthly payments. | ||
| (g) The supplemental payment does not apply to payments | ||
| under: | ||
| (1) Section 814.103 or 814.205, Government Code, | ||
| relating to retirees or disability retirees from the elected class | ||
| of membership; | ||
| (2) a subtitle other than Subtitle B, Title 8, | ||
| Government Code, except as provided by Subsection (e)(5) of this | ||
| section; or | ||
| (3) Section 814.304, Government Code, relating to | ||
| retiree survivor beneficiaries who receive a survivor annuity as | ||
| the surviving spouse of a member of the elected class. | ||
| (h) Except as provided by this section, the board of | ||
| trustees of the Employees Retirement System of Texas shall | ||
| determine the eligibility for and the amount and timing of a | ||
| supplemental payment and the manner in which the payment is made. | ||
| (i) The supplemental payment is subject solely to the | ||
| availability of appropriated funds. The supplemental payment must | ||
| comply with Section 811.006, Government Code. | ||
| SECTION 3. Section 814.604, Government Code, is repealed. | ||
| SECTION 4. Sections 814.605 and 814.606, Government Code, | ||
| as added by this Act, apply only to a monthly benefit payment made | ||
| by the Employees Retirement System of Texas on or after September 1, | ||
| 2023. | ||
| SECTION 5. This Act takes effect September 1, 2023. | ||
