LEGISLATIVE BUDGET BOARD
Austin, Texas
 
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
 
May 8, 2009

TO:
Honorable Robert Duncan, Chair, Senate Committee on State Affairs
 
FROM:
John S. O'Brien, Director, Legislative Budget Board
 
IN RE:
HB1070 by Truitt (Relating to audits of certain public retirement system actuarial valuations, studies, and reports.), As Engrossed

No fiscal implication to the State is anticipated.

The bill would amend Government Code 802.1012 pertaining to retirement plans with over $100 million in assets, which requires them to have actuarial audits every five years. Under the bill, plans which have not recently gotten an appropriate actuarial audit will be required to initiate one before March 1, 2010. Statewide plans are not subject to Section 802.1012.

Local Government Impact

No significant fiscal implication to units of local government is anticipated.


Source Agencies:
327 Employees Retirement System, 338 Pension Review Board
LBB Staff:
JOB, KJG, JRO, SD, WM, TP