LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 8, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:SB1358 by Seliger (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed No fiscal implication to the State is anticipated. The bill would amend the Government Code to create an alternative formula for providing a cost-of-living adjustment (COLA) for retirees under the Texas Municipal Retirement System (TMRS). Local Government Impact According to TMRS, the bill would have no automatic fiscal impact on a municipality because COLAs are provided at the election of the individual municipality that participates in TMRS. However, provisions of the bill could affect the actuarial cost of COLAs if a municipality chooses to provide a COLA using one of the proposed alternative formulas. Information on the actuarial impact is included in a separate document. The fiscal impact to municipalities would depend on the formulas a municipality chooses to implement. Source Agencies: LBB Staff: JOB, JRO, JB, KJG, DB
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 8, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:SB1358 by Seliger (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: SB1358 by Seliger (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
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
SB1358 by Seliger (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
SB1358 by Seliger (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend the Government Code to create an alternative formula for providing a cost-of-living adjustment (COLA) for retirees under the Texas Municipal Retirement System (TMRS).
Local Government Impact
According to TMRS, the bill would have no automatic fiscal impact on a municipality because COLAs are provided at the election of the individual municipality that participates in TMRS. However, provisions of the bill could affect the actuarial cost of COLAs if a municipality chooses to provide a COLA using one of the proposed alternative formulas. Information on the actuarial impact is included in a separate document. The fiscal impact to municipalities would depend on the formulas a municipality chooses to implement.
According to TMRS, the bill would have no automatic fiscal impact on a municipality because COLAs are provided at the election of the individual municipality that participates in TMRS. However, provisions of the bill could affect the actuarial cost of COLAs if a municipality chooses to provide a COLA using one of the proposed alternative formulas. Information on the actuarial impact is included in a separate document.
The fiscal impact to municipalities would depend on the formulas a municipality chooses to implement.
Source Agencies:
LBB Staff: JOB, JRO, JB, KJG, DB
JOB, JRO, JB, KJG, DB