LEGISLATIVE BUDGET BOARD
Austin, Texas
 
ACTUARIAL IMPACT STATEMENT
 
80TH LEGISLATIVE REGULAR SESSION
 
March 21, 2007

TO:
Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments
 
FROM:
John S. O'Brien, Director, Legislative Budget Board
 
IN RE:
HB2664 by Truitt (Relating to audits of public retirement system actuarial valuations, studies, and reports.), As Introduced


HB 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. The bill would require the Pension Review Board to adopt any rules necessary to implement this section. HB 2664 would not exempt the Employees Retirement System, Teacher Retirement System, Texas County and District Retirement System, and Texas Municipal Retirement System from the requirements of the bill, though these systems are exempt from many of the reporting requirements of Chapter 802.

 

The bill, if enacted, would not have a significant actuarial effect because it does not propose to change the funding or obligations of any public retirement system.



Source Agencies:
338 Pension Review Board
LBB Staff:
JOB, WM