LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION March 17, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Introduced No fiscal implication to the State is anticipated. The bill would amend Government Code 802.1012 pertaining to retirement plans with over $100 million in assets, which requires them to have actuarial audits every five years. Under the bill, plans which have not recently gotten an appropriate actuarial audit will be required to get one before March 1, 2010. Statewide plans are not subject to 802.1012. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:327 Employees Retirement System, 338 Pension Review Board LBB Staff: JOB, JRO, SD, WM, TP
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
March 17, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Introduced
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Introduced
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Introduced
HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Introduced
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend Government Code 802.1012 pertaining to retirement plans with over $100 million in assets, which requires them to have actuarial audits every five years. Under the bill, plans which have not recently gotten an appropriate actuarial audit will be required to get one before March 1, 2010. Statewide plans are not subject to 802.1012.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 327 Employees Retirement System, 338 Pension Review Board
327 Employees Retirement System, 338 Pension Review Board
LBB Staff: JOB, JRO, SD, WM, TP
JOB, JRO, SD, WM, TP