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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring the inclusion of certain proposals in reports |
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on the actuarial experience of the Employees Retirement System of |
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Texas and the Teacher Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 815.206, Government Code, is amended by |
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adding Subsection (c-1) to read as follows: |
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(c-1) An actuarial experience study or other report on an |
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actuarial investigation of mortality, service, and compensation |
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experience conducted under Subsection (c) must include at least one |
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proposal that seeks to achieve or maintain an amortization period |
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not exceeding 30 years by one or more years without additional or |
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increased contributions from the state. The proposal may include: |
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(1) changes to benefits; |
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(2) requiring increased or additional contributions |
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from members or the members' employers; or |
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(3) reasonable changes to the assumed rate of return |
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on investments. |
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SECTION 2. Section 825.206, Government Code, is amended by |
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adding Subsection (e-1) to read as follows: |
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(e-1) An actuarial experience study or other report on an |
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actuarial investigation of mortality, service, and compensation |
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experience conducted under Subsection (b) must include at least one |
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proposal that seeks to achieve or maintain an amortization period |
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not exceeding 30 years by one or more years without additional or |
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increased contributions from the state. The proposal may include: |
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(1) changes to benefits; |
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(2) requiring increased or additional contributions |
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from members or the members' employers; or |
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(3) reasonable changes to the assumed rate of return |
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on investments. |
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SECTION 3. This Act takes effect September 1, 2023. |