Bill > HB207

This bill proposes a one-time supplemental payment of benefits to eligible annuitants under the Teacher Retirement System of Texas. The payment, which must be made by January 2022 and coincide with regular annuity payments where possible, will be the lesser of the recipient's regular monthly annuity payment or $2,400. To be eligible, the annuitant must have been receiving a standard retirement, optional retirement, life, or guaranteed period annuity, or an alternate payee annuity, with certain cutoff dates based on the type of annuity. The bill specifies that the supplemental payment is in addition to, not in lieu of, regular monthly payments, and it outlines certain annuities that are excluded from the supplemental payment. The Teacher Retirement System of Texas will determine the eligibility, amount, timing, and disbursement of the supplemental payments.