TO: | Honorable Tom Craddick, Speaker of the House, House of Representatives |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | HB1079 by West, George "Buddy" (Relating to the eligibility of certain judges to retire with full benefits. ), As Passed 2nd House |
The bill would change the service retirement eligibility requirements for Judicial Retirement System Plan II (JRS II) to allow retirement with least 20 years of service at any age; currently members cannot retire before age 55. This would raise the normal cost by 0.07% and increase actuarial liabilities by $0.8 million. By itself, this proposal would not require an increase in the current state contribution rate of 16.83% for JRS II, though in combination with other proposals the fiscal impact could be larger.
The bill would be effective September 1, 2005.
Source Agencies: | 327 Employees Retirement System
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LBB Staff: | JOB, SD, SR, WM
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