Bill Text: TX SB1062 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to requiring the inclusion of certain proposals in reports on the actuarial experience of the Employees Retirement System of Texas and the Teacher Retirement System of Texas.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-03 - Referred to Finance [SB1062 Detail]

Download: Texas-2023-SB1062-Introduced.html
  88R552 JCG-F
 
  By: Schwertner S.B. No. 1062
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to requiring the inclusion of certain proposals in reports
  on the actuarial experience of the Employees Retirement System of
  Texas and the Teacher Retirement System of Texas.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 815.206, Government Code, is amended by
  adding Subsection (c-1) to read as follows:
         (c-1)  An actuarial experience study or other report on an
  actuarial investigation of mortality, service, and compensation
  experience conducted under Subsection (c) must include at least one
  proposal that seeks to achieve or maintain an amortization period
  not exceeding 30 years by one or more years without additional or
  increased contributions from the state.  The proposal may include:
               (1)  changes to benefits;
               (2)  requiring increased or additional contributions
  from members or the members' employers; or
               (3)  reasonable changes to the assumed rate of return
  on investments.
         SECTION 2.  Section 825.206, Government Code, is amended by
  adding Subsection (e-1) to read as follows:
         (e-1)  An actuarial experience study or other report on an
  actuarial investigation of mortality, service, and compensation
  experience conducted under Subsection (b) must include at least one
  proposal that seeks to achieve or maintain an amortization period
  not exceeding 30 years by one or more years without additional or
  increased contributions from the state.  The proposal may include:
               (1)  changes to benefits;
               (2)  requiring increased or additional contributions
  from members or the members' employers; or
               (3)  reasonable changes to the assumed rate of return
  on investments.
         SECTION 3.  This Act takes effect September 1, 2023.
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