LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION March 28, 2023 TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1444 by Zaffirini (Relating to the public retirement systems for employees of certain municipalities.), As Introduced No significant fiscal implication to the State is anticipated. This bill would amend Vernon's Texas Civil Statutes to make changes to the City of Austin Employees' Retirement System. It is assumed any costs from the bill could be absorbed using existing resources. Local Government ImpactAccording to the City of Austin Employees' Retirement System, the bill would have no material fiscal impact on the system as the provisions of the bill make no changes to the administration or operation of the system. The bill would have a positive actuarial impact on the system by establishing a closed, 30-year amortization schedule for the system's unfunded actuarial accrued liabilities reported as of December 31, 2022. The bill would also establish additional contribution policy changes which would improve the actuarial health of the system. Source Agencies: b > td > LBB Staff: b > td > JMc, KK, LCO, JPO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
March 28, 2023
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1444 by Zaffirini (Relating to the public retirement systems for employees of certain municipalities.), As Introduced
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: SB1444 by Zaffirini (Relating to the public retirement systems for employees of certain municipalities.), As Introduced
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
SB1444 by Zaffirini (Relating to the public retirement systems for employees of certain municipalities.), As Introduced
SB1444 by Zaffirini (Relating to the public retirement systems for employees of certain municipalities.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
This bill would amend Vernon's Texas Civil Statutes to make changes to the City of Austin Employees' Retirement System. It is assumed any costs from the bill could be absorbed using existing resources.
Local Government Impact
According to the City of Austin Employees' Retirement System, the bill would have no material fiscal impact on the system as the provisions of the bill make no changes to the administration or operation of the system. The bill would have a positive actuarial impact on the system by establishing a closed, 30-year amortization schedule for the system's unfunded actuarial accrued liabilities reported as of December 31, 2022. The bill would also establish additional contribution policy changes which would improve the actuarial health of the system.
Source Agencies: b > td >
LBB Staff: b > td > JMc, KK, LCO, JPO
JMc, KK, LCO, JPO