Relating to the crediting and charging of investment gains and losses on the assets held in trust by the Texas Municipal Retirement System and providing a guaranteed minimum credit to employee accounts.
Impact
The legislation is poised to introduce significant changes in how net investment income or loss is allocated among the municipal accumulation funds and various employee accounts. Specifically, it mandates that the allocation process will give precedence to certain funds, which could bolster the overall financial health of the TMRS. This could lead to an improved annual return for employees participating in the system, thereby positively affecting their retirement security.
Summary
House Bill 360 seeks to amend various sections of the Government Code related to the Texas Municipal Retirement System (TMRS). The bill's primary focus is on the processes for crediting and charging investment gains and losses on the assets held in trust by TMRS. It aims to ensure that there is a guaranteed minimum credit to employee accounts within the retirement system. By doing so, it intends to enhance the financial stability of the retirement fund and protect employee interests in the long term.
Contention
While the bill aims to strengthen the retirement fund, it may raise questions regarding the implications for participating municipalities and their contribution rates. Some stakeholders may harbor concerns about the potential financial burdens imposed by the required adjustments to fund allocations, particularly during periods of economic uncertainty. Therefore, discussions around the bill may include varied perspectives on its feasibility, particularly from local government representatives who may be apprehensive about any new fiscal responsibilities.
Identical
Relating to the crediting and charging of investment gains and losses on the assets held in trust by the Texas Municipal Retirement System and providing a guaranteed minimum credit to employee accounts.
Relating to the fiduciary responsibility of the governing body of the public retirement systems in this state and the investment managers and proxy advisors acting on behalf of those systems.
Relating to the crediting and charging of investment gains and losses on the assets held in trust by the Texas Municipal Retirement System and providing a guaranteed minimum credit to employee accounts.
Requires payment of fair market value to owners of unused interment space seeking to transfer ownership back to cemetery from which space was purchased.