LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION May 10, 2021 TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB4368 by Rodriguez (relating to participation in, contributions to, and the benefits and administration of retirement systems for police officers 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 make changes to the benefits and financing structure of the Austin Police Retirement System (APRS). According to the actuarial impact statement provided by the Pension Review Board (PRB), if the bill were enacted, the long-term cost of the retirement system would be reduced, and the contribution changes would move the system from an infinite amortization period to an effective amortization period of 30 years, effective January 1, 2022. No significant impact to state agencies is anticipated from the provisions of the bill. Local Government ImpactThe fiscal implications of the bill cannot be determined at this time. Source Agencies: b > td > 338 Pension Review Board LBB Staff: b > td > JMc, AAL, LCO, JPO, AF
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
May 10, 2021
TO: Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB4368 by Rodriguez (relating to participation in, contributions to, and the benefits and administration of retirement systems for police officers 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: HB4368 by Rodriguez (relating to participation in, contributions to, and the benefits and administration of retirement systems for police officers 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
HB4368 by Rodriguez (relating to participation in, contributions to, and the benefits and administration of retirement systems for police officers in certain municipalities.), Committee Report 1st House, Substituted
HB4368 by Rodriguez (relating to participation in, contributions to, and the benefits and administration of retirement systems for police officers 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 make changes to the benefits and financing structure of the Austin Police Retirement System (APRS). According to the actuarial impact statement provided by the Pension Review Board (PRB), if the bill were enacted, the long-term cost of the retirement system would be reduced, and the contribution changes would move the system from an infinite amortization period to an effective amortization period of 30 years, effective January 1, 2022. No significant impact to state agencies is anticipated from the provisions of the bill.
Local Government Impact
The fiscal implications of the bill cannot be determined at this time.
Source Agencies: b > td > 338 Pension Review Board
338 Pension Review Board
LBB Staff: b > td > JMc, AAL, LCO, JPO, AF
JMc, AAL, LCO, JPO, AF