Texas 2021 - 87th Regular

Texas House Bill HB577

Caption

Relating to establishing a joint interim committee to study the cost-effectiveness and feasibility of implementing a pension revenue enhancement plan for the Teacher Retirement System of Texas.

Impact

The committee will consider different strategies for financing the pension enhancement plan, with options such as securing loans to pay life insurance premiums. The findings from this committee are expected to inform legislative proposals aimed at creating additional funding sources for the TRS. This could help strengthen financial reserves and ensure long-term stability for pension payouts to teachers and related beneficiaries. Furthermore, the bill outlines specific eligibility criteria for members of the TRS who wish to enroll in the proposed plan.

Summary

House Bill 577 aims to establish a joint interim committee tasked with studying the cost-effectiveness and feasibility of implementing a pension revenue enhancement plan specifically for the Teacher Retirement System of Texas (TRS). The bill reflects a proactive approach to addressing funding issues for teacher pensions, which have been a topic of concern among educators and legislators alike. The proposed committee would explore various financing methods, including utilizing life insurance policies as a way to enhance pension funds.

Contention

Although the bill seems to have a clear objective of supporting educators’ pension funds, there may be various points of contention that arise during discussions about its implementation. Concerns may focus on the feasibility of obtaining third-party financing, the reliability of life insurance as a funding mechanism, and how these changes might affect existing benefits for current and future retirees. Additionally, debates around the governance structure of the new plan, including the appointment of trustees and managing entities, could influence the bill's reception among legislators.

Companion Bills

No companion bills found.

Previously Filed As

TX HB377

Relating to establishing a joint select committee to study the feasibility and sustainability of providing a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas.

TX HB4139

Relating to a pilot program to study implementation of a split-benefit life insurance plan for the Teacher Retirement System of Texas.

TX HB3636

Relating to a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas and a study on the feasibility of providing annual adjustments and an optional cash balance benefit under the system.

TX HB4141

Relating to a study conducted by the Teacher Retirement System of Texas on the feasibility of offering alternative service retirement benefits to peace officers who are members of the retirement system.

TX HB4863

Relating to contributions to, benefits from, and the administration of the Teacher Retirement System of Texas.

TX HB600

Relating to contributions to, benefits from, and the administration of systems and programs administered by the Teacher Retirement System of Texas.

TX SB10

Relating to certain benefits paid by the Teacher Retirement System of Texas.

TX SB1245

Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.

TX HB1116

Relating to a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas, including a related study.

TX HJR2

Proposing a constitutional amendment authorizing the 88th Legislature to provide a cost-of-living adjustment to certain annuitants of the Teacher Retirement System of Texas.

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