Bill Text: TX HB101 | 2017 | 85th Legislature 1st Special Session | Introduced


Bill Title: Relating to authorizing public retirement systems to study the cost-effectiveness and feasibility of implementing certain pension revenue enhancement strategies.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-08-09 - Left pending in committee [HB101 Detail]

Download: Texas-2017-HB101-Introduced.html
 
 
  By: Stephenson H.B. No. 101
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing public retirement systems to study the
  cost-effectiveness and feasibility of implementing certain pension
  revenue enhancement strategies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  (a) In this section:
               (1)  "Governing body of a public retirement system" and
  "public retirement system" have the meanings assigned by Section
  802.001, Government Code.
               (2)  "Pension revenue enhancement strategy" means a
  strategy by which a public retirement system obtains a life
  insurance policy for each employee participating in the retirement
  system, with the employee's consent, held in a separate trust for
  the benefit of the retirement system.  On the death of the employee,
  the proceeds of the life insurance policy would be payable to the
  public retirement system and added to the retirement system's
  assets.
         (b)  The governing body of a public retirement system may
  conduct a study to evaluate the cost-effectiveness and feasibility
  of implementing a pension revenue enhancement strategy to create an
  additional source of funding to address potential deficiencies in
  funding the retirement system's liabilities.
         (c)  Not later than September 1, 2018, the governing body of
  a public retirement system that completes a study described by
  Subsection (b) of this section shall submit a written report to the
  legislature and the standing committees of the house of
  representatives and senate that have primary jurisdiction over
  state pension systems containing the findings of the study together
  with the governing body's recommendations regarding the
  cost-effectiveness and feasibility of implementing a pension
  revenue enhancement strategy.
         (d)  This Act expires December 31, 2018.
         SECTION 2.  This Act takes effect September 1, 2017.
feedback