LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 76th Regular Session
April 6, 1999
TO: Honorable Sherri Greenberg, Chair, House Committee on
Pensions & Investments
FROM: John Keel, Director, Legislative Budget Board
IN RE: HB2152 by King, Phil (Relating to a partial lump-sum
distribution on retirement from the Texas County and
District Retirement System.), As Introduced
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* No fiscal implication to the State is anticipated. *
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Local Government Impact
No significant fiscal implication to units of local government is
anticipated.
The bill would allow Texas County and District Retirement System retirees
to receive a partial lump sum distribution at retirement of up to one
half the total contributions and interest in a member's individual
account in return for a actuarially reduced retirement annuity.
Currently some members eligible for retirement withdraw their personal
contributions instead of receiving an annuity, thereby losing the effect
of the employer contributions. TCDRS subdivisions would lose this source
of actuarial gains. It is estimated that the provisions of the bill
would on average increase long term employer costs by a non significant
amount, approximately 0.1% to 0.3% of payroll.
Source Agencies:
LBB Staff: JK, PE, WM