Texas House Bill HB877

Texas 2019 - 86th Regular

Caption

Relating to the actuarial valuations of certain public retirement systems.

Impact

The changes proposed by HB877 are anticipated to have notable impacts on public retirement systems by providing them with exemptions from specific requirements stated in Sections 802.101(a), (b), and (d). This could lead to a significant reduction in the regulatory framework surrounding the actuarial valuation processes these systems undergo. It aims to allow retirement systems more flexibility and potentially ease their administrative workload while maintaining their risk assessment obligations under Title 109.

Summary

House Bill 877 aims to amend Section 802.002 of the Government Code of Texas, specifically addressing the actuarial valuations required for certain public retirement systems. The bill introduces an exemption for public retirement systems that are mandated to prepare a risk-sharing valuation study under Title 109, Revised Statutes. By modifying this regulatory framework, HB877 seeks to streamline processes for these systems, potentially reducing the reporting burdens associated with actuarial valuations.

Contention

While the bill intends to relieve some regulatory pressures on public retirement systems, there may be concerns regarding the implications of such exemptions. Opponents might argue that bypassing certain valuation requirements could potentially obscure the financial health of retirement systems, raising questions about long-term sustainability and transparency. On the other hand, advocates for HB877 are likely to promote it as a necessary update that reflects the evolving needs of public retirement systems.