Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB3056 by Bonnen (relating to the cash balance benefit under the Employees Retirement System of Texas.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would make changes associated with the cash balance benefit for individuals hired into state service on or after September 1, 2022. It is assumed that any related costs would be insignificant.
Local Government Impact
No fiscal implication to units of local government is anticipated.