HB 3375 (Davis/Johnson) amends current law relating to certain benefits payable by the public retirement systems for police and firefighters in certain municipalities. The bill was sent to the Governor on 5/31.
HB 3898 (Anchia/Huffman) relating to the funding of public retirement systems would strengthen and clarify the funding policy and Funding Soundness Restoration Plan (FSRP) requirements and align them with Pension Review Board (PRB) Pension Funding Guidelines. HB 3898 was amendment to include SB 1372 (Huffman/Murphy) providing for an evaluation of a public retirement system’s policies, practices, and performance by an independent firm. The bill was sent to the Governor on 6/01.
HB 4068 (Parker/West) enables the employees who manage the Dallas Police and Fire Pension System to become part of the Texas Municipal Retirement System. The bill was sent to the Governor on 5/29.
SB 321 (Huffman/Bonnen) relating to contributions to, benefits from, and the administration of the Employees Retirement System of Texas. SB 321 would establish a “cash balance plan” benefits tier for new ERS employees and includes ongoing funding to pay down unfunded liability in ERS.The bill was sent to the Governor on 6/01.
SB 483 (Schwertner/Parker) requires that ERD and TRS submit a report that details and compares the assumed rate of return and the annualized actual time-weighted rate of return achieved by the respective retirement system for the most recent 1-year, 5-year, 10-year, and 20-year fiscal periods. The bill was sent to the Governor on 5/29.
SB 1105 (Hughes/Zaffirini) permits a retiree who returns to work for the same city with at least a one-year break in service to continue to receive their previously earned monthly retirement benefit. SB 1105 was signed by the Governor on 5/28 and is effective on 9/1.