| TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments |
| FROM: | John S. O'Brien, Director, Legislative Budget Board |
| IN RE: | HB3322 by Truitt (Relating to a plan-to-plan transfer of certain assets from the TexaSaver 457 plan administered by the Employees Retirement System of Texas to a 457 plan created by an institution of higher education.), As Introduced |
HB 3322 would allow the transfer of all deferred amounts and investment income from TexaSaver 457 funds to the plan administrator of a 457 plan created by an institution of higher education for employees of the institution of higher education who are participating in or eligible to participate in the institution’s 457 plan at the time of the transfer. The bill details procedures for the transfer. The bill, if enacted, would 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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