LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION May 9, 2023 TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB2464 by Price (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would amend the Government Code to permit optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System (TMRS). It is assumed any costs associated with implementing the provisions of the bill could be absorbed using existing resources. Local Government ImpactAccording to TMRS, most cities that adopt annuity increases provided by the provisions of the bill would see annuity expenses reduced compared to current options to increase annuities due to not having a retroactive cost for those annuities. Source Agencies: b > td > LBB Staff: b > td > JMc, KK, JPO, MOc, LCO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
May 9, 2023
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB2464 by Price (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB2464 by Price (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
Honorable Joan Huffman, Chair, Senate Committee on Finance
Honorable Joan Huffman, Chair, Senate Committee on Finance
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB2464 by Price (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
HB2464 by Price (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
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 permit optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System (TMRS). It is assumed any costs associated with implementing the provisions of the bill could be absorbed using existing resources.
Local Government Impact
According to TMRS, most cities that adopt annuity increases provided by the provisions of the bill would see annuity expenses reduced compared to current options to increase annuities due to not having a retroactive cost for those annuities.
Source Agencies: b > td >
LBB Staff: b > td > JMc, KK, JPO, MOc, LCO
JMc, KK, JPO, MOc, LCO