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House Bill 2763 |
House Author: Flynn et al. |
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Effective: 6-14-19 |
Senate Sponsor: Taylor |
House Bill 2763 amends Vernon's Texas Civil Statutes to revise provisions relating to Galveston's police pension fund and the fund's board of trustees. The bill includes provisions setting the statutory range for a member contribution for service rendered after August 31, 2019, and setting municipal contributions at 18 percent of payroll based on authorized positions, as determined by the municipality. Among other provisions, including a provision requiring that assumptions and methods used to prepare an actuarial valuation of the fund's assets and liabilities be consistent with generally accepted actuarial standards, the bill prohibits certain actions increasing the amortization period of unfunded actuarial liabilities beyond 25 years and sets out procedures for the calculation of the municipality's payment to the fund for certain negative financial impacts caused by a unilateral action taken by the municipality.