LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 6, 2021 TO: Honorable Jane Nelson, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1372 by Huffman (Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Government Code to change the evaluation and reporting requirements of certain public retirement systems. According to the Pension Review Board, the Employees Retirement System, and the Teacher Retirement System, no significant fiscal impact to the state is anticipated from the provisions of the bill. Local Government ImpactAccording to the Texas Association of Counties, the Texas County and District Retirement System anticipates an estimated $200,000 to $300,000 per year in additional audit costs. These costs would likely be passed on to the counties thereby having a fiscal impact to counties.The Texas Municipal Retirement System (TMRS) does not anticipate a significant fiscal impact to the system nor TMRS participating cities.The Texas Municipal League does not anticipate a fiscal impact to municipalities. Source Agencies: b > td > 323 Teacher Retirement System, 327 Employees Retirement System, 338 Pension Review Board LBB Staff: b > td > JMc, KK, LCO, JPO, AF
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 6, 2021
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1372 by Huffman (Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.), As Introduced
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: SB1372 by Huffman (Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.), As Introduced
Honorable Jane Nelson, Chair, Senate Committee on Finance
Honorable Jane Nelson, Chair, Senate Committee on Finance
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
SB1372 by Huffman (Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.), As Introduced
SB1372 by Huffman (Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Government Code to change the evaluation and reporting requirements of certain public retirement systems. According to the Pension Review Board, the Employees Retirement System, and the Teacher Retirement System, no significant fiscal impact to the state is anticipated from the provisions of the bill.
Local Government Impact
According to the Texas Association of Counties, the Texas County and District Retirement System anticipates an estimated $200,000 to $300,000 per year in additional audit costs. These costs would likely be passed on to the counties thereby having a fiscal impact to counties.The Texas Municipal Retirement System (TMRS) does not anticipate a significant fiscal impact to the system nor TMRS participating cities.The Texas Municipal League does not anticipate a fiscal impact to municipalities.
Source Agencies: b > td > 323 Teacher Retirement System, 327 Employees Retirement System, 338 Pension Review Board
323 Teacher Retirement System, 327 Employees Retirement System, 338 Pension Review Board
LBB Staff: b > td > JMc, KK, LCO, JPO, AF
JMc, KK, LCO, JPO, AF