| 1 | 1 | | 88R552 JCG-F |
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| 2 | 2 | | By: Schwertner S.B. No. 1062 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to requiring the inclusion of certain proposals in reports |
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| 8 | 8 | | on the actuarial experience of the Employees Retirement System of |
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| 9 | 9 | | Texas and the Teacher Retirement System of Texas. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 815.206, Government Code, is amended by |
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| 12 | 12 | | adding Subsection (c-1) to read as follows: |
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| 13 | 13 | | (c-1) An actuarial experience study or other report on an |
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| 14 | 14 | | actuarial investigation of mortality, service, and compensation |
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| 15 | 15 | | experience conducted under Subsection (c) must include at least one |
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| 16 | 16 | | proposal that seeks to achieve or maintain an amortization period |
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| 17 | 17 | | not exceeding 30 years by one or more years without additional or |
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| 18 | 18 | | increased contributions from the state. The proposal may include: |
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| 19 | 19 | | (1) changes to benefits; |
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| 20 | 20 | | (2) requiring increased or additional contributions |
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| 21 | 21 | | from members or the members' employers; or |
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| 22 | 22 | | (3) reasonable changes to the assumed rate of return |
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| 23 | 23 | | on investments. |
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| 24 | 24 | | SECTION 2. Section 825.206, Government Code, is amended by |
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| 25 | 25 | | adding Subsection (e-1) to read as follows: |
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| 26 | 26 | | (e-1) An actuarial experience study or other report on an |
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| 27 | 27 | | actuarial investigation of mortality, service, and compensation |
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| 28 | 28 | | experience conducted under Subsection (b) must include at least one |
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| 29 | 29 | | proposal that seeks to achieve or maintain an amortization period |
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| 30 | 30 | | not exceeding 30 years by one or more years without additional or |
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| 31 | 31 | | increased contributions from the state. The proposal may include: |
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| 32 | 32 | | (1) changes to benefits; |
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| 33 | 33 | | (2) requiring increased or additional contributions |
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| 34 | 34 | | from members or the members' employers; or |
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| 35 | 35 | | (3) reasonable changes to the assumed rate of return |
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| 36 | 36 | | on investments. |
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| 37 | 37 | | SECTION 3. This Act takes effect September 1, 2023. |
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