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House Bill 3158 |
House Author: Flynn et al. |
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Effective: See below |
Senate Sponsor: West |
House Bill 3158 amends the Revised Statutes to revise and update provisions relating to the Dallas Police and Fire Pension System. Among other provisions, the bill revises and sets out provisions relating to the administration of the pension system, required contributions to the pension system by the city, membership and member contributions, retirement benefits and benefit adjustments, the deferred retirement option plan (DROP), and treatment under federal law. The bill adjusts the composition and governance structure of the pension system's board of trustees and provides for mandatory trustee training, certain reviews and an independent actuarial analysis of the pension system, the creation of an investment advisory committee and an alternative benefit plan, and certain equitable adjustments to benefits.
House Bill 3158, effective September 1, 2017, prohibits certain distributions out of a DROP participant's DROP account, subject to certain exceptions, and provides for the bill's severability and effective date. Except as otherwise provided, the bill takes effect May 31, 2017, unless the board violates the bill's provisions regarding such prohibited distributions. If, not later than August 31, 2017, the State Pension Review Board determines that the pension system violated those provisions, the bill's contingent provisions have no effect.