HB 3355 proposes changes to the membership of the Board of Trustees of the El Paso Fireman and Policemen’s Pension Fund. The bill would require that if the Board decides to modify or change benefits provided to members, the changes must be approved by a qualified actuary selected by a four-fifths vote of the Board, and must be approved by the city’s governing body. If the governing body does not approve the changes the Board may, by resolution passed by four-fifths vote of the members of the Board, petition the city governing body to hold an election on the question.  The city’s governing body will call an election to submit the question to the qualified voters.  Any change proposed and subsequently approved by the voter would become effective the next fiscal year. The bill also lays out guidelines for increased contributions to the fund if an actuary determines it is underfunded and the city's governing body approves.

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.