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A BILL TO BE ENTITLED
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AN ACT
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relating to supplemental annuity payments by the Teacher Retirement |
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System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 824, Government Code, is |
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amended by adding Section 824.007 to read as follows: |
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Sec. 824.007. SUPPLEMENTAL PAYMENTS. (a) The retirement |
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system may make a supplemental payment as provided by this section |
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to persons whose annuities are payable by the system and are based |
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on service retirements, disability retirements, or deaths. A |
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supplemental payment made under this section is in addition to the |
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regular monthly annuity payment. Supplemental payments under this |
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section are subject to and must comply with Sections 821.006 and |
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825.402(c). |
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(b) The board of trustees shall determine: |
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(1) who is eligible to receive a supplemental payment |
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based on years of service, effective date of retirement or death, as |
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applicable, and other reasonable criteria; |
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(2) the amount and timing of the supplemental payment; |
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and |
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(3) the manner in which the payment is made. |
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(c) The retirement system shall pay any supplemental |
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payment made under this section from the retired reserve account |
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and may transfer to that account from the state contribution |
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account any portion of the supplemental payment amount that exceeds |
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the amount in the retired reserve account available to finance the |
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supplemental payment and that is actuarially determined to be |
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necessary to finance the supplemental payment. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |