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AN ACT
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relating to a study conducted by the Teacher Retirement System of |
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Texas on the feasibility of offering alternative service retirement |
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benefits to peace officers who are members of the retirement |
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system. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 825, Government Code, is |
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amended by adding Section 825.1085 to read as follows: |
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Sec. 825.1085. STUDY AND REPORT ON ALTERNATIVE SERVICE |
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RETIREMENT BENEFITS FOR PEACE OFFICERS. (a) The retirement system |
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shall conduct a study on the feasibility of offering members who are |
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peace officers alternative service retirement benefits under the |
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system. |
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(b) In conducting the study, the retirement system shall |
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assess the costs to and impact on the retirement system associated |
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with offering members who are peace officers the following |
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alternative service retirement benefits: |
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(1) a service retirement benefit under the existing |
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benefit plan that: |
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(A) includes a supplemental benefit for peace |
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officers that is substantially similar in design and cost structure |
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to the supplemental retirement benefit payable from the law |
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enforcement and custodial officer supplemental retirement fund |
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established under Section 815.317; and |
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(B) provides retirement eligibility at any age |
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after the member attains 20 or 25 years of service; |
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(2) a service retirement benefit under a cash balance |
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benefit plan that: |
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(A) is substantially similar in design and cost |
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structure to the cash balance benefit plan established under |
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Chapter 820, except that the plan considered under this subdivision |
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may not offer a supplemental retirement benefit for peace officers |
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similar to the supplemental retirement benefit for law enforcement |
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and custodial officers provided under Chapter 820; and |
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(B) provides retirement eligibility at any age |
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after the member attains 20 or 25 years of service; and |
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(3) a cash balance benefit plan that: |
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(A) is substantially similar in design and cost |
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structure to the cash balance benefit plan established under |
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Chapter 820, including by providing a supplemental retirement |
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benefit for peace officers similar to the supplemental retirement |
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benefit provided to law enforcement and custodial officers provided |
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under Chapter 820; and |
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(B) provides retirement eligibility at any age |
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after the member attains 20 or 25 years of service. |
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(c) Not later than March 1, 2024, an employer who employs |
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peace officers shall submit the following information to the |
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retirement system: |
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(1) the number of peace officers employed by the |
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employer on December 31, 2023; |
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(2) the number of unfilled peace officer positions on |
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December 31, 2023; |
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(3) for the 10-year period before December 31, 2023, |
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the average years of service earned by peace officers who resigned |
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before retirement; and |
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(4) the compensation or salary scale for peace |
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officers employed by the employer. |
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(d) Not later than December 31, 2024, the retirement system |
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shall prepare and submit a report to the legislature that contains |
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the findings of the study and the information submitted to the |
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retirement system under Subsection (c). |
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(e) The Legislative Budget Board and the State Pension |
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Review Board shall, as necessary: |
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(1) assist the retirement system in conducting the |
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study; and |
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(2) provide the retirement system with any information |
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needed to complete the report required under Subsection (d). |
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(f) This section expires on September 1, 2025. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2023. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 4141 was passed by the House on May 2, |
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2023, by the following vote: Yeas 112, Nays 33, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 4141 was passed by the Senate on May |
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17, 2023, by the following vote: Yeas 30, Nays 1. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |