Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S. O'Brien, Director, Legislative Budget Board
HB3480 by Truitt (Relating to annuities and investments for certain public employees.), As Introduced
HB 3480 would add provisions to the requirements for companies offering contracts under the 403(b) tax sheltered annuity program overseen by TRS.
According to the analysis provided by TRS, the provisions of the bill would not affect the timing or payment of benefits for annuitants but only the administration of the Systemís voluntary 403(b) annuity program, so the changes in the bill would have no material impact to the actuarial liabilities of TRS. However, there could be additional administrative and technology expenses associated with implementing the proposed changes.
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.
The analysis and calculations are based on the member data of TRS as of
Actuarial Analysis by W. Michael Carter, FSA, Lewis Ward, Joseph P. Newton, FSA, Gabriel Roeder Smith & Company, Consultants and Actuaries,
Actuarial Review by Martin McCaulay, Deputy Executive Director/Actuary, Pension Review Board,
338 Pension Review Board