LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 6, 2021 TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3507 by Rogers (Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.), As Introduced No significant fiscal implication to the State is anticipated. However, there would be an impact to the Teacher Retirement System which could impact the actuarial soundness of the fund. The bill provides a one-time supplemental payment to eligible retirees as of December 31, 2020. The payment would be the lesser of the annuitant's current monthly benefit or $2,000.According to the actuarial impact statement provided by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 26 years. The projected funding period of TRS would increase to 27 years following the passage of this bill. Local Government ImpactNo fiscal implication to units of local government is anticipated. Source Agencies: b > td > 323 Teacher Retirement System, 338 Pension Review Board LBB Staff: b > td > JMc, AAL, AH, RSTE
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 6, 2021
TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3507 by Rogers (Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.), As Introduced
TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB3507 by Rogers (Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.), As Introduced
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
HB3507 by Rogers (Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.), As Introduced
HB3507 by Rogers (Relating to a one-time supplemental payment of benefits under the Teacher Retirement System of Texas.), As Introduced
No significant fiscal implication to the State is anticipated. However, there would be an impact to the Teacher Retirement System which could impact the actuarial soundness of the fund.
No significant fiscal implication to the State is anticipated. However, there would be an impact to the Teacher Retirement System which could impact the actuarial soundness of the fund.
The bill provides a one-time supplemental payment to eligible retirees as of December 31, 2020. The payment would be the lesser of the annuitant's current monthly benefit or $2,000.According to the actuarial impact statement provided by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 26 years. The projected funding period of TRS would increase to 27 years following the passage of this bill.
According to the actuarial impact statement provided by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 26 years. The projected funding period of TRS would increase to 27 years following the passage of this bill.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 323 Teacher Retirement System, 338 Pension Review Board
323 Teacher Retirement System, 338 Pension Review Board
LBB Staff: b > td > JMc, AAL, AH, RSTE
JMc, AAL, AH, RSTE