| TO: | Honorable Jim Murphy, Chair, House Committee on Pensions, Investments & Financial Services |
| FROM: | John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board |
| IN RE: | HB3188 by Gervin-Hawkins (relating to the retirement system in certain municipalities for firefighters and police officers.), Committee Report 1st House, Substituted |
The bill would amend the governing statute for the San Antonio Fire & Police Pension Fund (the Fund) to include additional language pertaining to board member appointments and elections as well as plan and member eligibility for rollover distributions. It would also clarify eligibility for death and disability retirement benefits and make other clarifying administrative changes.
According to the actuarial analysis provided by the Fund, based on the benefit provisions, data, actuarial assumptions and actuarial funding methods included in the January 1, 2018 actuarial valuation, the changes are expected to have no impact on the cost, effective amortization period, or funded ratio of the Fund. The current contribution levels are expected to continue to meet actuarial funding requirements.
The bill would take effect on October 1, 2019.
SOURCES
Actuarial Analysis by Leon F. (Rocky) Joyner, Jr.,FSA, ASA, MAAA, EA, and Deborah K. Brigham, FCA, ASA, MAAA, EA, Segal Consulting, March 19, 2019.
| Source Agencies: | 338 Pension Review Board
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| LBB Staff: | WP, KFB
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