LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION April 2, 2023 TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1245 by Huffman (relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), Committee Report 1st House, Substituted 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 > 327 Employees Retirement System LBB Staff: b > td > JMc, KK, LCO, JPO, NV
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
April 2, 2023
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1245 by Huffman (relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), Committee Report 1st House, Substituted
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: SB1245 by Huffman (relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), Committee Report 1st House, Substituted
Honorable Joan Huffman, Chair, Senate Committee on Finance
Honorable Joan Huffman, Chair, Senate Committee on Finance
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
SB1245 by Huffman (relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), Committee Report 1st House, Substituted
SB1245 by Huffman (relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), 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 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 > 327 Employees Retirement System
327 Employees Retirement System
LBB Staff: b > td > JMc, KK, LCO, JPO, NV
JMc, KK, LCO, JPO, NV