TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB2882 by Hughes (Relating to benefits payable by the Judicial Retirement System of Texas Plan Two.), As Introduced |
The bill would amend Section 839.102(f) by changing the formula relating to benefits payable by the Judicial Retirement System Plan Two. The bill would amend the accrual rate for the extra years of contributing service from 2 percent to 3 percent for members reaching the Rule of 70 with 12 years on an appellate court. The maximum benefit would remain at 80 percent of the state salary.
Based on the analysis by the Employees Retirement System, the Judicial Retirement System Plan Two would remain actuarially sound.
Source Agencies: | 327 Employees Retirement System
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LBB Staff: | JOB, KJG, JW
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