| TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services |
| FROM: | John S O'Brien, Director, Legislative Budget Board |
| IN RE: | HB1608 by Strama (Relating to participation in and contributions to the state employee charitable campaign by retired state employees.), As Introduced |
The bill would amend Government Code to allow retired state employees receiving retirement benefits from the Employees Retirement System (ERS) to participate on the state employee charitable campaign policy committee. The bill would also allow a person receiving an annuity from ERS to authorize ERS to deduct a contribution to the state employee charitable campaign from the person's monthly annuity payment. The bill would authorize the ERS Board of Trustees to adopt rules to implement these deductions.
ERS reports that there would be administrative costs relating to the start-up and operation of the charitable deduction program. It is assumed that these costs would be funded through the retirement fund's interest earnings, as are other administrative costs for ERS's retirement program.
The bill would take effect on September 1, 2011, or immediately with two-thirds vote of all members of the Legislature.
| Source Agencies: | 304 Comptroller of Public Accounts, 327 Employees Retirement System
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| LBB Staff: | JOB, AG, MS, DEH
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