Honorable Dan Flynn, Chair, House Committee on Pensions
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1664 by Huffman (Relating to contributions to, benefits from, membership in, and the administration of systems and programs administered by the Teacher Retirement System of Texas.), As Engrossed
The bill would amend the Education Code and Government Code to make clarifications, updates and corrections to the Teacher Retirement System of Texas statute. The bill would clarify sections in the Government Code to correctly cite the IRS Code, and would update TRS plan terms to allow rollover by TRS to a 401(a) plan. The bill would make statutory corrections to include the removal of a previous error that included a requirement for school districts to provide health care comparability reports to TRS. The bill would also make administrative changes, including granting additional time for TRS members to purchase service credit at retirement, as well as granting members additional time for purchasing sick or personal leave credit. The bill would be effective September 1, 2017.
The bill, if enacted, would not have a significant actuarial effect because it does not propose to change the funding or obligations of any public retirement system.