TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services |
FROM: | John S O'Brien, Director, Legislative Budget Board |
IN RE: | HB159 by Raymond (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), As Introduced |
The bill would amend the Government Code to allow an individual who has retired from the Texas Municipal Retirement System (TMRS) and who has returned to work at the municipality at least five years since the date of retirement, to receive an additional benefit equal to the amount of deposits and interest that were credited during the time of re-employment. The bill would preclude anyone from receiving the additional benefit who is currently employed by an affected municipality at the time the bill goes into effect.
The bill would take effect immediately if it receives a vote of two-thirds of all members elected to each house. If the bill does not receive the votes required to pass, the bill would take effect September 1, 2011.
Source Agencies: |
LBB Staff: | JOB, AG, TP, DH
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