Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB1245 by Huffman (Relating to contributions to, benefits from, and the administration of the Judicial Retirement System of Texas Plan Two.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Government Code to create a cash balance group for members of the Judicial Retirement System - Plan 2 who take office on or after September 1, 2024. According to the Employees Retirement System, no significant impact is expected to the state in the 2024 - 2025 biennium, but substantial savings are expected in subsequent years.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.