LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION March 12, 2013 TO: Honorable Robert Duncan, Chair, Senate Committee On State Affairs FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB366 by Taylor (Relating to the authority of political subdivisions to offer certain deferred compensation plans to employees.), Committee Report 1st House, Substituted No fiscal implication to the State is anticipated. The bill would amend Chapter 609 of the Government Code to authorize a political subdivision to establish a Roth IRA program for its employees; and develop procedures to allow retirement plan vendors to lend money to a participating employee. Local Government Impact The Texas County and District Retirement System reported no fiscal impact is anticipated. The Texas Municipal Retirement System (TMRS) reported that TMRS currently administers a 457(b) plan for its own employees, but does not offer or administer 457 plans for any municipalities participating in TMRS; therefore, the bill would have no fiscal impact. The Texas Municipal League reported no significant fiscal impact to cities is anticipated. Harris County reported to the Texas Association of Counties that no fiscal impact to the county is anticipated. The bill would authorize a county to amend a deferred compensation program to include contributions to a Roth and would allow loan provisions to employees. Source Agencies: LBB Staff: UP, AG, TP
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
March 12, 2013
TO: Honorable Robert Duncan, Chair, Senate Committee On State Affairs FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB366 by Taylor (Relating to the authority of political subdivisions to offer certain deferred compensation plans to employees.), Committee Report 1st House, Substituted
TO: Honorable Robert Duncan, Chair, Senate Committee On State Affairs
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB366 by Taylor (Relating to the authority of political subdivisions to offer certain deferred compensation plans to employees.), Committee Report 1st House, Substituted
Honorable Robert Duncan, Chair, Senate Committee On State Affairs
Honorable Robert Duncan, Chair, Senate Committee On State Affairs
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB366 by Taylor (Relating to the authority of political subdivisions to offer certain deferred compensation plans to employees.), Committee Report 1st House, Substituted
SB366 by Taylor (Relating to the authority of political subdivisions to offer certain deferred compensation plans to employees.), Committee Report 1st House, Substituted
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend Chapter 609 of the Government Code to authorize a political subdivision to establish a Roth IRA program for its employees; and develop procedures to allow retirement plan vendors to lend money to a participating employee.
Local Government Impact
The Texas County and District Retirement System reported no fiscal impact is anticipated. The Texas Municipal Retirement System (TMRS) reported that TMRS currently administers a 457(b) plan for its own employees, but does not offer or administer 457 plans for any municipalities participating in TMRS; therefore, the bill would have no fiscal impact. The Texas Municipal League reported no significant fiscal impact to cities is anticipated. Harris County reported to the Texas Association of Counties that no fiscal impact to the county is anticipated. The bill would authorize a county to amend a deferred compensation program to include contributions to a Roth and would allow loan provisions to employees.
Source Agencies:
LBB Staff: UP, AG, TP
UP, AG, TP