LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 1, 2011 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB159 by Raymond (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), As Introduced No fiscal implication to the State is anticipated. The bill would amend the Government Code to allow an individual who has retired from the Texas Municipal Retirement System (TMRS) and who has returned to work at the municipality at least five years since the date of retirement, to receive an additional benefit equal to the amount of deposits and interest that were credited during the time of re-employment. The bill would preclude anyone from receiving the additional benefit who is currently employed by an affected municipality at the time the bill goes into effect. The bill would take effect immediately if it receives a vote of two-thirds of all members elected to each house. If the bill does not receive the votes required to pass, the bill would take effect September 1, 2011. Local Government Impact According to TMRS, even though the number of current TMRS retirees that would return to work due to the enactment of this bill cannot be determined, there would be costs associated with reprogramming both internal computer systems and actuarial systems used by the outside actuary. However, these costs would not be significant based on fiscal impact criteria. Source Agencies: LBB Staff: JOB, AG, TP, DH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 1, 2011
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB159 by Raymond (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), 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: HB159 by Raymond (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), 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
HB159 by Raymond (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), As Introduced
HB159 by Raymond (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), As Introduced
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend the Government Code to allow an individual who has retired from the Texas Municipal Retirement System (TMRS) and who has returned to work at the municipality at least five years since the date of retirement, to receive an additional benefit equal to the amount of deposits and interest that were credited during the time of re-employment. The bill would preclude anyone from receiving the additional benefit who is currently employed by an affected municipality at the time the bill goes into effect. The bill would take effect immediately if it receives a vote of two-thirds of all members elected to each house. If the bill does not receive the votes required to pass, the bill would take effect September 1, 2011.
The bill would amend the Government Code to allow an individual who has retired from the Texas Municipal Retirement System (TMRS) and who has returned to work at the municipality at least five years since the date of retirement, to receive an additional benefit equal to the amount of deposits and interest that were credited during the time of re-employment. The bill would preclude anyone from receiving the additional benefit who is currently employed by an affected municipality at the time the bill goes into effect.
The bill would take effect immediately if it receives a vote of two-thirds of all members elected to each house. If the bill does not receive the votes required to pass, the bill would take effect September 1, 2011.
Local Government Impact
According to TMRS, even though the number of current TMRS retirees that would return to work due to the enactment of this bill cannot be determined, there would be costs associated with reprogramming both internal computer systems and actuarial systems used by the outside actuary. However, these costs would not be significant based on fiscal impact criteria.
Source Agencies:
LBB Staff: JOB, AG, TP, DH
JOB, AG, TP, DH