LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 8, 2009 TO: Honorable Robert Duncan, Chair, Senate Committee on State Affairs 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 Engrossed 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 initiate one before March 1, 2010. Statewide plans are not subject to Section 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, KJG, JRO, SD, WM, TP
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 8, 2009
TO: Honorable Robert Duncan, Chair, Senate Committee on State Affairs 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 Engrossed
TO: Honorable Robert Duncan, Chair, Senate Committee on State Affairs
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 Engrossed
Honorable Robert Duncan, Chair, Senate Committee on State Affairs
Honorable Robert Duncan, Chair, Senate Committee on State Affairs
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 Engrossed
HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Engrossed
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 initiate one before March 1, 2010. Statewide plans are not subject to Section 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, KJG, JRO, SD, WM, TP
JOB, KJG, JRO, SD, WM, TP