LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE
75th Regular Session
February 21, 1997
TO: Honorable Barry Telford, Chair IN RE: House Bill No. 1113
Committee on Pensions and Investments By: Kuempel
House
Austin, Texas
FROM: John Keel, Director
In response to your request for a Fiscal Note on HB1113 ( Relating
to participation and credit in, contributions to, and benefits
and administration of the Texas Municipal Retirement System.)
this office has detemined the following:
Biennial Net Impact to General Revenue Funds by HB1113-As Introduced
No fiscal implication to the State is anticipated.
The bill would make technical changes to the Texas Municipal
Retirement System (TMRS) statutes in response to changes in
federal law, remove some restrictions on military service credit,
allow for a partial lump sum distribution option, and make changes
in allowable amortization periods for member cities when actuarial
assumptions change. The basic structure of TMRS allows municipalities
to choose among various plan options. There are new options
in this bill which could increase costs for municipalities that
choose them, however any increased costs would be known to the
municipality and TMRS before a change in plan structure could
be adapted by the municipality.
It is not anticipated that
the bill would result in increased costs for member municipalities.
Under certain scenarios the extended amortization periods would
decrease costs for some member municipalities.
Source: Agencies:
Texas Municipal Retirement System
LBB Staff: JK ,PE ,WM