TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services |
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 Introduced |
HB 1070 would amend Chapter 802, Government Code, by adding the definition of “plan year” to section 802.1012(a). Currently, the term “fiscal year” is used to identify the date that a plan would use to gauge the dates that reports are due to the
Currently, pension plans with a book value of total assets over $100 million are required to have their actuarial valuations audited every five years. HB 1070 would add a due date to 802.1012(c), making the audit due to the
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.
Source Agencies: | 338 Pension Review Board
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LBB Staff: | JOB, WM
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