LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION May 3, 2021 TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3375 by Davis (relating to certain benefits payable by the public retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend Vernon's Civil Statutes to allow a person who is receiving an annuity from a deferred retirement option plan (DROP) account with the Dallas Police & Fire Pension System (DPFPS) to obtain a lump-sum distribution from the account in the event of a financial hardship that was not reasonably foreseeable. According to the actuarial impact statement prepared by the Pension Review Board, the provisions of the bill are not anticipated to have an actuarial impact on the fund. Local Government ImpactThe local impact of the bill cannot be determined. Source Agencies: b > td > 338 Pension Review Board LBB Staff: b > td > JMc, AAL, LCO, JPO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
May 3, 2021
TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3375 by Davis (relating to certain benefits payable by the public retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB3375 by Davis (relating to certain benefits payable by the public retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB3375 by Davis (relating to certain benefits payable by the public retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
HB3375 by Davis (relating to certain benefits payable by the public retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Vernon's Civil Statutes to allow a person who is receiving an annuity from a deferred retirement option plan (DROP) account with the Dallas Police & Fire Pension System (DPFPS) to obtain a lump-sum distribution from the account in the event of a financial hardship that was not reasonably foreseeable. According to the actuarial impact statement prepared by the Pension Review Board, the provisions of the bill are not anticipated to have an actuarial impact on the fund.
Local Government Impact
The local impact of the bill cannot be determined.
Source Agencies: b > td > 338 Pension Review Board
338 Pension Review Board
LBB Staff: b > td > JMc, AAL, LCO, JPO
JMc, AAL, LCO, JPO