Honorable Dan Flynn, Chair, House Committee on Pensions
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB1119 by Fallon (Relating to the standard service retirement annuity for certain members of the elected class of the Employees Retirement System of Texas.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Government Code to modify the service retirement annuity for members who join the elected class on or after September 1, 2017. The bill would limit the service retirement annuity for service credited in the elected class of membership, all of which was earned as member of the legislature, to the number of years of service times two percent of $140,000.
The Employees Retirement System assumes any additional work associated with implementing the provisions of the bill could be absorbed using existing resources.
The bill would take effect September 1, 2017.
Local Government Impact
No fiscal implication to units of local government is anticipated.