LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION April 11, 2023 TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3367 by Bonnen (Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Government Code to create a cash balance group for members of the Judicial Retirement System - Plan 2 who take office on or after September 1, 2024. According to the Employees Retirement System, no significant impact is expected to the state in the 2024 - 2025 biennium, but substantial savings are expected in subsequent years. Local Government ImpactNo significant fiscal implication to units of local government is anticipated. Source Agencies: b > td > 212 Office of Court Administration, Texas Judicial Council, 327 Employees Retirement System LBB Staff: b > td > JMc, MOc, LCO, JPO, KK, NV
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
April 11, 2023
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3367 by Bonnen (Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), As Introduced
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB3367 by Bonnen (Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), As Introduced
Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB3367 by Bonnen (Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), As Introduced
HB3367 by Bonnen (Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), 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 create a cash balance group for members of the Judicial Retirement System - Plan 2 who take office on or after September 1, 2024. According to the Employees Retirement System, no significant impact is expected to the state in the 2024 - 2025 biennium, but substantial savings are expected in subsequent years.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 212 Office of Court Administration, Texas Judicial Council, 327 Employees Retirement System
212 Office of Court Administration, Texas Judicial Council, 327 Employees Retirement System
LBB Staff: b > td > JMc, MOc, LCO, JPO, KK, NV
JMc, MOc, LCO, JPO, KK, NV