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: HB2405 by Kuempel (Relating to participation and credit in, contributions to, and benefits and administration of 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 make numerous changes to the Texas County and District Retirement System (TCDRS). Some of the provisions would add actuarial costs, but they would not be significant, and passage of the bill would not cause any of the retirement plans in TCDRS to have an inadequate financing arrangement, i.e. to be actuarially unsound. One of the provisions removes the current 11% of payroll limit on TCDRS contributions made by the employer. If the governing body of a subdivision in TCDRS elected to do so, it could increase contributions for its employees by a significant amount. But this would be at the discretion of the participating subdivision. Other provisions also allow for new benefit options at the discretion of the subdivisions, but are not anticipated to have significant fiscal or actuarial impacts. Source Agencies: LBB Staff: JK, PE, WM