Honorable Jane Nelson, Chair, Senate Committee on Finance
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB3375 by Davis (Relating to certain benefits payable by the public retirement systems for police and fire fighters in certain municipalities.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would amend Vernon's Civil Statutes to allow a person who is receiving an annuity from a deferred retirement option plan (DROP) account with the Dallas Police & Fire Pension System (DPFPS) to obtain a lump-sum distribution from the account in the event of a financial hardship that was not reasonably foreseeable. According to the actuarial impact statement prepared by the Pension Review Board, the provisions of the bill are not anticipated to have an actuarial impact on the fund.
Local Government Impact
The local impact of the bill cannot be determined.