LEGISLATIVE BUDGET BOARD
Austin, Texas
 
ACTUARIAL IMPACT STATEMENT
 
80TH LEGISLATIVE REGULAR SESSION
 
April 27, 2007

TO:
Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments
 
FROM:
John S. O'Brien, Director, Legislative Budget Board
 
IN RE:
SB976 by Brimer (Relating to the public retirement system of certain municipalities.), As Engrossed

The bill would amend Vernon’s Texas Civil Statutes, Title 109, by adding Article 6243(i) regarding the unitary retirement system for certain municipalities. The bill applies only to a municipality with a population of 500,000 or more that has already established, by municipal ordinance, a single unitary public retirement system for employees of all departments of the municipality. Benefit provisions for such a retirement system are to be determined in accordance with administrative rules governing the system as of May 1, 2007 or amendments to those rules as adopted under the provisions of the bill. Other provisions of the bill include:

 

Based on the provisions of the bill, the Fort Worth Employees’ Retirement Fund would qualify under Article 6243(i). According to the retirement fund, 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 and is administrative in nature only.



Source Agencies:
338 Pension Review Board
LBB Staff:
JOB, JB, SD, KJG