Honorable Dan Flynn, Chair, House Committee on Pensions
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3897 by Kuempel (Relating to contributions to, benefits from, membership in, and the administration of systems and programs administered by the Teacher Retirement System of Texas.), Committee Report 1st House, Substituted
The bill would amend the Government Code to make certain technical changes relating to the Internal Revenue Code provisions applicable to the Teacher Retirement System of Texas (TRS). Additionally, the bill would make certain clarifying and administrative changes, including the audit of member records, correction of errors in finance and service credit, changes to post-retirement benefit options, transfer of assets, and limitations on purchase of non-qualified service credit. Furthermore, the bill would allow the TRS board of trustees to accept gifts, and makes certain changes relating to the open meetings law applicable to the TRS board. The bill would make other changes pertaining to the Education Code and Insurance Code provisions relating to TRS. The bill would take effect on September 1, 2015.
The proposed bill, if enacted, will not have an actuarial effect on TRS because it does not propose to change the benefit structure, funding or obligations of the system.