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Senate Bill 1337 |
Senate Author: Huffman |
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Effective: 1-1-20 |
House Sponsor: Flynn |
Senate Bill 1337 amends the Government Code to update, revise, and clarify provisions relating to credit in, benefits from, and administration of the Texas Municipal Retirement System (TMRS), including provisions regarding an audit or investigation of TMRS activities, functions, or operations and provisions authorizing the use of external investment managers to invest and manage assets held in trust by TMRS. Among other provisions, the bill authorizes the board of trustees of TMRS to provide for a board‑initiated phase‑in period of a municipal contribution rate increase or amortization period increase, sets the maximum amortization period at 30 years, provides for the recalculation of and eligibility for an updated service credit, and revises provisions regarding a standard occupational disability retirement annuity.