Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB2464 by Price (Relating to optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would amend the Government Code to permit optional annuity increases for certain retirees and beneficiaries of the Texas Municipal Retirement System (TMRS). It is assumed any costs associated with implementing the provisions of the bill could be absorbed using existing resources.
Local Government Impact
According to TMRS, most cities that adopt annuity increases provided by the provisions of the bill would see annuity expenses reduced compared to current options to increase annuities due to not having a retroactive cost for those annuities.