TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB2358 by Otto (Relating to the deposit of certain employer contributions to the Teacher Retirement System of Texas.), As Introduced |
HB 2358 stipulates that when an employer receives money for state contributions from a federal agency or private source, the employer shall immediately send the money to TRS for deposit in the state contribution account. Current practice has TRS place those amounts in the General Revenue Fund, with sufficient General Revenue appropriated to TRS to be placed in the trust fund to cover these amounts. The bill, if enacted, will have no material actuarial effect because it does not propose to change the funding or obligations of any public retirement system.
Source Agencies: | 338 Pension Review Board
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LBB Staff: | JOB, WM
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