LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION March 31, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3480 by Truitt (Relating to annuities and investments for certain public employees.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Civil Statutes requiring the Texas Department of Insurance (TDI) and the State Securities Board to cooperate and provide a quarterly report to the retirement system of any company that violates certification requirements. A company found in violation will have their certification revoked for one year. Additionally, a certified company, an affiliate, or an agent may not enter into or renew a contract for the administration of an educational institution's Section 403(b) retirement plan. Based on information provided by TDI and the Securities Board, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:312 Securities Board, 454 Department of Insurance LBB Staff: JOB, JRO, MW, ACa
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
March 31, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3480 by Truitt (Relating to annuities and investments for certain public employees.), 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: HB3480 by Truitt (Relating to annuities and investments for certain public employees.), 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
HB3480 by Truitt (Relating to annuities and investments for certain public employees.), As Introduced
HB3480 by Truitt (Relating to annuities and investments for certain public employees.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Civil Statutes requiring the Texas Department of Insurance (TDI) and the State Securities Board to cooperate and provide a quarterly report to the retirement system of any company that violates certification requirements. A company found in violation will have their certification revoked for one year. Additionally, a certified company, an affiliate, or an agent may not enter into or renew a contract for the administration of an educational institution's Section 403(b) retirement plan. Based on information provided by TDI and the Securities Board, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would amend the Civil Statutes requiring the Texas Department of Insurance (TDI) and the State Securities Board to cooperate and provide a quarterly report to the retirement system of any company that violates certification requirements. A company found in violation will have their certification revoked for one year. Additionally, a certified company, an affiliate, or an agent may not enter into or renew a contract for the administration of an educational institution's Section 403(b) retirement plan.
Based on information provided by TDI and the Securities Board, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 312 Securities Board, 454 Department of Insurance
312 Securities Board, 454 Department of Insurance
LBB Staff: JOB, JRO, MW, ACa
JOB, JRO, MW, ACa