Texas House Bill HB2472

Texas 2019 - 86th Regular

Caption

Relating to retirement benefits for certain peace officers who are members of the Teacher Retirement System of Texas, including the creation of a peace officer supplemental retirement fund.

Impact

The bill amends various sections of the Government Code related to the retirement eligibility and benefits for peace officers. A notable change includes the introduction of eligibility criteria for retirement at any age for officers with at least 20 years of service. Additionally, it establishes a mechanism for calculating service retirement annuities, allowing for adjustments based on the officer's highest earnings within five years of service. This is expected to positively impact the financial stability of retired peace officers, ensuring they receive sufficient funds for living expenses after their service concludes.

Summary

House Bill 2472 focuses on enhancing retirement benefits for certain peace officers who are part of the Teacher Retirement System of Texas. The bill introduces a peace officer supplemental retirement fund, aimed at providing additional financial security for peace officers, particularly when they retire or face disability. This supplemental fund is intended to bolster the existing retirement benefits, ensuring that peace officers who serve at least 20 years can retire with a more substantial financial backing than previously available.

Contention

While the bill aims to provide better financial outcomes for peace officers, it has raised points of contention among stakeholders, particularly regarding the cost implications for the state budget. Concerns have been voiced about the sustainability of the supplemental retirement fund and the potential strain on resources meant for other public services. Moreover, critics are wary of how the changes might affect existing benefits for other public employees within the Teacher Retirement System, as it could create disparities in retirement income across different sectors of public service.