Relating to contributions to, benefits from, late fees imposed by, and the administration of systems and programs administered by the Teacher Retirement System of Texas.

No significant fiscal implication to the State is anticipated.

SB 1663 would establish revised procedures for the change in retirement payment plan from optional annuity to a standard retirement annuity; procedures to reduce the optional retirement annuity regarding the death of active members; rules to determine the employment status of a retiree by a Texas public educational institution; procedures for the maintenance and reporting of assets; a late fee for an employer’s failure to remit all deposits and documentation to the retirement system; and procedures for providing members and retirees certain information. The bill would bill would allow school districts to use a certain amount of entitled additional funds to pay for contributions under a group health coverage plan for district or school employees. The Retirees Advisory Committee’s composition would be revised.