Honorable Stan Lambert, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB2802 by Bucy (Relating to the public retirement systems for employees of certain municipalities.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Vernon's Texas Civil Statutes as they relate to the Austin Firefighters Retirement Fund. No significant impact to the state is anticipated from implementing the provisions of the bill.
Local Government Impact
According to the Austin Firefighters Retirement Fund, the bill would have a positive actuarial impact on the fund by establishing a closed, 30-year amortization schedule for the unfunded actuarial accrued liabilities of the fund reported as of December 31, 2024. The bill would also establish a new reduced benefit tier and introduce additional contribution policy changes which would improve the actuarial health of the fund.