Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments
John S. O'Brien, Director, Legislative Budget Board
HB2664 by Truitt (Relating to audits of public retirement system actuarial valuations, studies, and reports.), Committee Report 1st House, Substituted
CSHB 2664 would amend Chapter 802, Government Code, by adding a section requiring that the actuarial valuation, study and report of each public retirement system be audited once every five years by a qualified, independent actuary engaged by the governmental entity that is the employer of the affected active members.
The bill, if enacted, will not have a significant actuarial effect because it does not propose to change the funding or obligations of any public retirement system. The accountability requirements in the proposal are likely to lead to increased actuarial soundness for the affected funds over the long term.
338 Pension Review Board
JOB, SD, WM