LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 75th Regular Session March 18, 1997 TO: Honorable Barry Telford, Chair IN RE: House Bill No. 1780, Committee Report 1st House, Substituted Committee on Pensions and Investments By: Greenberg House Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on HB1780 ( Relating to the purchase of service credit in the Employees Retirement System of Texas and the Teacher Retirement System of Texas.) this office has detemined the following: Biennial Net Impact to General Revenue Funds by HB1780-Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. Committee Substitute for House Bill 1780 would allow the Employee Retirement System (ERS) to adopt rules to provide procedures for making installment payments for the purchase of service credit for state employees. Additionally it would allow for a payroll deduction for purchase of credit with the Teachers Retirement System (TRS). It is anticipated that ERS would provide employees with more options than are currently available by statute. TRS and ERS expect no significant fiscal impact from passage of the bill. No fiscal implication to units of local government is anticipated. Source: Agencies: 323 Teacher Retirement System and Optional Retirement Program LBB Staff: JK ,PE ,WM