LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION April 18, 2023 TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB4653 by Ancha (relating to participation in a deferred retirement option plan by members of the retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend Vernon's Civil Statutes to modify the deferred retirement option plan (DROP) offered to members of the Dallas Police and Fire Pension System (DPFP). Under the provisions of the bill, the maximum number of years a member could participate in the DROP program would increase from 10 to 20 years. No significant impact to the state is anticipated from implementing the provisions of the bill. Local Government ImpactAccording to the Dallas Police and Fire Pension System, extending the time a DROP account can be credited for a member from 10 to 20 years would increase the total liability of the pension system by two million dollars or 0.039 percent. Source Agencies: b > td > LBB Staff: b > td > JMc, MOc, LCO, JPO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
April 18, 2023
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB4653 by Ancha (relating to participation in a deferred retirement option plan by members of the retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB4653 by Ancha (relating to participation in a deferred retirement option plan by members of the retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
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
HB4653 by Ancha (relating to participation in a deferred retirement option plan by members of the retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
HB4653 by Ancha (relating to participation in a deferred retirement option plan by members of the retirement systems for police and fire fighters in certain municipalities.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Vernon's Civil Statutes to modify the deferred retirement option plan (DROP) offered to members of the Dallas Police and Fire Pension System (DPFP). Under the provisions of the bill, the maximum number of years a member could participate in the DROP program would increase from 10 to 20 years. No significant impact to the state is anticipated from implementing the provisions of the bill.
Local Government Impact
According to the Dallas Police and Fire Pension System, extending the time a DROP account can be credited for a member from 10 to 20 years would increase the total liability of the pension system by two million dollars or 0.039 percent.
Source Agencies: b > td >
LBB Staff: b > td > JMc, MOc, LCO, JPO
JMc, MOc, LCO, JPO