Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB2345 by Schwertner (Relating to the administration of, contributions to, and benefits under retirement systems for firefighters in certain municipalities.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Vernon's Texas Civil Statutes as it relates to the administration of, contributions to, and benefits under 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 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.