TO: | Honorable Robert Duncan, Chair, Senate Committee on State Affairs |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | SB1358 by Seliger (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Introduced |
According to TMRS, the bill would have no automatic fiscal impact on a municipality because COLAs are provided at the election of the individual municipality that participates in TMRS. However, provisions of the bill could affect the actuarial cost of COLAs if a municipality chooses to provide a COLA using one of the proposed alternative formulas. Information on the actuarial impact is included in a separate document.
The fiscal impact to municipalities would depend on the formulas a municipality chooses to implement.
Source Agencies: |
LBB Staff: | JOB, KJG, DB
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