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 ************************************************************************** * No fiscal implication to the State is anticipated. * ************************************************************************** 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