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Senate Bill 1447 |
Senate Author: Averitt |
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Effective: 6-17-05 |
House Sponsor: Eiland |
Senate Bill 1447 amends the Utilities Code to require the regulatory authority of an electric utility to include in the utility's rates the expenses for pension and other postemployment benefits as determined by actuarial or other similar studies, including benefits arising from employee service with a predecessor integrated electric utility. The bill authorizes the utility, as of January 1, 2005, to establish one or more reserve accounts for such expenses and requires the utility to periodically record specified information in such accounts. The bill establishes the circumstances under which the reserve account has a surplus or shortage and requires the authority to review the amounts recorded in the reserve account at subsequent general rate proceedings.