Bill Text: TX SB1204 | 2021-2022 | 87th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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: (Engrossed - Dead) 2021-05-19 - Left pending in committee [SB1204 Detail]

Download: Texas-2021-SB1204-Introduced.html

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2021S0168-1 03/08/21
By: Schwertner S.B. No. 1204

A BILL TO BE ENTITLED
AN ACT
relating to requiring the inclusion of certain recommendations 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 different
recommendations for achieving or maintaining an amortization
period that does not exceed 30 years by one or more years. The
recommendations may include:
(1) changes to benefits;
(2) requiring increased or additional contributions
from members or the members' employers;
(3) reasonable changes to the assumed rate of return
on investments; or
(4) appropriations of additional or increased
contributions from the state, but if such a recommendation is made
it must be accompanied by at least one of the recommendations
described by Subdivision (1), (2), or (3) that does not include
appropriations of additional or increased contributions from the
state.
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 different
recommendations for achieving or maintaining an amortization
period that does not exceed 30 years by one or more years. The
recommendations may include:
(1) changes to benefits;
(2) requiring increased or additional contributions
from employers or members;
(3) reasonable changes to the assumed rate of return
on investments; or
(4) appropriations of additional or increased
contributions from the state, but if such a recommendation is made
it must be accompanied by at least one of the recommendations
described by Subdivision (1), (2), or (3) that does not include
appropriations of additional or increased contributions from the
state.
SECTION 3. This Act takes effect September 1, 2021.