LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION March 28, 2023 TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), As Introduced No significant fiscal implication to the State is anticipated. This bill would change retirement eligibility for peace officers by removing changes to retirement eligibility that occurred for members who had less than five years of service as of August 31, 2014. This change would reduce the minimum age from 62 to 60 years for unreduced retirement for these members. According to the Actuarial Impact Statement completed by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 27 years, as of August 31, 2023. Government Code, Section 821.006 defines actuarial soundness, for the purposes of making modifications to benefit and contribution levels, as less than 31 years. The projected funding period would remain unchanged following the passage of this bill. Local Government ImpactNo fiscal implication to units of local government is anticipated. Source Agencies: b > td > 323 Teacher Retirement System LBB Staff: b > td > JMc, MOc, ASA, MMo
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
March 28, 2023
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), As Introduced
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), 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
HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), As Introduced
HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
This bill would change retirement eligibility for peace officers by removing changes to retirement eligibility that occurred for members who had less than five years of service as of August 31, 2014. This change would reduce the minimum age from 62 to 60 years for unreduced retirement for these members. According to the Actuarial Impact Statement completed by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 27 years, as of August 31, 2023. Government Code, Section 821.006 defines actuarial soundness, for the purposes of making modifications to benefit and contribution levels, as less than 31 years. The projected funding period would remain unchanged following the passage of this bill.
According to the Actuarial Impact Statement completed by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 27 years, as of August 31, 2023. Government Code, Section 821.006 defines actuarial soundness, for the purposes of making modifications to benefit and contribution levels, as less than 31 years. The projected funding period would remain unchanged following the passage of this bill.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 323 Teacher Retirement System
323 Teacher Retirement System
LBB Staff: b > td > JMc, MOc, ASA, MMo
JMc, MOc, ASA, MMo