TO:	Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services

FROM:	Jerry McGinty, Director, Legislative Budget Board

IN RE:	HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), As Introduced

This bill would change retirement eligibility for peace officers by removing changes to retirement eligibility that occurred for members who had less than five years of service as of August 31, 2014. This change would reduce the minimum age from 62 to 60 years for unreduced retirement for these members.

According to the Actuarial Impact Statement completed by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 27 years, as of August 31, 2023. Government Code, Section 821.006 defines actuarial soundness, for the purposes of making modifications to benefit and contribution levels, as less than 31 years. The projected funding period would remain unchanged following the passage of this bill.

LEGISLATIVE BUDGET BOARD
Austin, Texas

FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION


March 28, 2023

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