HB 3310 (Paul/L. Taylor) primarily calls for a retirement system and sponsoring entity to collaborate in formulating a funding soundness plan if certain soundness measures have not been met for a period of time. The bill would require a public retirement system and the associated governmental entity to submit a copy of the plan and provide updates to the Pension Review Board. The bill provides requirements of a funding soundness restoration plan. The bill would require the Pension Review Board to post on its Internet website the most recent data from public retirement systems' funding soundness restoration plan. The bill exempts statewide plans from the new requirements. The bill was signed by the Governor June 18, 2015 and became effective immediately.
HB 1278 (Hughes/Lucio) would increase the survivor benefits to survivors of certain law enforcement officers, firefighters, and other public employees killed in the line of duty from $250,000 to $500,000. The bill was signed by the Governor June 17, 2015 and becomes effective September 1, 2015.
HB 9 (Flynn/ Huffman) amends the Government Code to increase the member contribution rate in the Employees Retirement System to 9.5 percent in both fiscal years and beyond. The member contribution rate would be reduced beyond fiscal year 2017 if the state contribution rate is less than 9.5 percent. The bill would also increase the contribution rate for members of the legislature to 9.5 percent in fiscal year 2016 and beyond. The bill would eliminate the 90-day membership waiting period, which would allow for retirement contributions by the state and members to the Employees Retirement System Retirement Program (ERS Retirement) to begin on the first day of employment. The bill was signed by the Governor June 9, 2015 and becomes effective September 1, 2015.
HB 2974 (Flynn/Huffman) relating to the Teacher Retirement System of Texas would make technical and administrative changes related the definitions of annual compensation and employees, membership requirements, refunds, out-of-state service credit, open meetings, and contributions from employers to TRS-Care, the retiree health benefit plan, due to the employment of retired return-to-work employees. The bill also would create a joint interim committee to study and propose reforms to the two healthcare plans (TRSCare and TRS-ActiveCare) administered by the Teacher Retirement System of Texas. A report with recommendations would be required by January 15, 2017. The bill was signed by the Governor June 19, 2015 and becomes effective September 1, 2015.