Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S O'Brien, Director, Legislative Budget Board
SB812 by Zaffirini (Relating to the resumption of employment by certain retirees within the Texas Municipal Retirement System.), Committee Report 2nd House, Substituted
According to TMRS, six retirees have returned to returned to work with the municipality from which they retired after having been retired for eight years. A total of 14,435 have been retired from TMRS for at least eight years and who have not returned to work at a municipality participating in TMRS. Although the number of current TMRS retirees that would return to work due to the enactment of this bill cannot be determined, there would be costs associated with reprogramming both internal computer systems and actuarial systems used by the outside actuary. However, these costs would not be significant based on fiscal impact criteria. Additionally, the costs to municipalities for contributions to make up for the lump-sum payment would likely not be significant.
JOB, AG, KJG, TP, WM, DH