88R552 JCG-F
By: Schwertner S.B. No. 1062
A BILL TO BE ENTITLED
AN ACT
relating to requiring the inclusion of certain proposals in reports
on the actuarial experience of the Employees Retirement System of
Texas and the Teacher Retirement System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 815.206, Government Code, is amended by
adding Subsection (c-1) to read as follows:
(c-1) An actuarial experience study or other report on an
actuarial investigation of mortality, service, and compensation
experience conducted under Subsection (c) must include at least one
proposal that seeks to achieve or maintain an amortization period
not exceeding 30 years by one or more years without additional or
increased contributions from the state. The proposal may include:
(1) changes to benefits;
(2) requiring increased or additional contributions
from members or the members' employers; or
(3) reasonable changes to the assumed rate of return
on investments.
SECTION 2. Section 825.206, Government Code, is amended by
adding Subsection (e-1) to read as follows:
(e-1) An actuarial experience study or other report on an
actuarial investigation of mortality, service, and compensation
experience conducted under Subsection (b) must include at least one
proposal that seeks to achieve or maintain an amortization period
not exceeding 30 years by one or more years without additional or
increased contributions from the state. The proposal may include:
(1) changes to benefits;
(2) requiring increased or additional contributions
from members or the members' employers; or
(3) reasonable changes to the assumed rate of return
on investments.
SECTION 3. This Act takes effect September 1, 2023.