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House Bill 3898 |
House Author: Anchia |
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Effective: 9-1-21 |
Senate Sponsor: Huffman et al. |
House Bill 3898 amends the Government Code to revise provisions providing for the development of a funding policy for a public retirement system. The bill, among other provisions, expands the scope of an independent evaluation of a system's investment practices and revises provisions regarding the frequency of an evaluation. The bill sets out requirements relating to the submission and filing of an evaluation report. The bill also provides for the revision of a system's funding policy and for the development, adoption, and revision of the funding policy for a system that is not a statewide retirement system. The bill sets out requirements for a funding soundness restoration plan and the conditions under which a system must formulate or revise a plan, based on an actuarial valuation of the system's funding period. The bill similarly revises provisions relating to unitary retirement systems for certain municipalities.
House Bill 3898 amends the Texas Local Fire Fighters Retirement Act, Vernon's Texas Civil Statutes, to make applicable to a retirement system established under that act the bill's provisions relating to funding policies for a public retirement system and to the funding soundness restoration plan of certain public retirement systems.