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House Bill 4368 |
House Author: Rodriguez et al. |
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Effective: 9-1-21 |
Senate Sponsor: Buckingham |
House Bill 4368 amends Vernon's Texas Civil Statutes to revise certain provisions relating to the Austin Police Retirement System, to set out provisions establishing each member of the retirement system as either a group A member or a group B member, and to specify the conditions under which a member is in group A or group B. Among other provisions, the bill does the following:
· revises the composition of the police retirement board and the eligibility criteria for certain board members;
· requires the police retirement board, at least once every five years, to have the system's actuary conduct an experience study and also provides for an initial and subsequent risk sharing valuation study that is also prepared by the system's actuary;
· changes the amount of the monthly life annuity payment to which a member is entitled on retirement;
· changes the member notice requirement regarding the requirement under federal law to retire on attainment of the applicable age and begin receiving a monthly retirement benefit;
· revises certain provisions establishing the creditable service on which a disability retirement benefit is based and also repeals a provision relating to the manner in which the actuarial equivalent for optional forms of annuity payment for disability retirement is computed;
· revises provisions relating to member contributions to the retirement system and relating to the city's contribution rate; and
· provides for an increased member contribution and for additional city contributions for proportionate retirement program participation.