Bill Text: TX SB1559 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to contributions to, benefits under, and administration of Texas local fire fighters' retirement systems.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-16 - Referred to Finance [SB1559 Detail]
Download: Texas-2023-SB1559-Introduced.html
| 88R9097 BDP-D | ||
| By: Parker | S.B. No. 1559 | |
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| relating to contributions to, benefits under, and administration of | ||
| Texas local fire fighters' retirement systems. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 29(b), Texas Local Fire Fighters | ||
| Retirement Act (Article 6243e, Vernon's Texas Civil Statutes), is | ||
| amended to read as follows: | ||
| (b) A municipality or other political subdivision that has | ||
| employees who are participating members of a retirement system | ||
| shall make contributions to the system each payroll period. Except | ||
| as provided by Subsection (d) of this section, contributions | ||
| required under this subsection are computed on the total | ||
| compensation paid to the employees who are participating members of | ||
| the system. A municipality or other political subdivision is | ||
| required to make contributions under this subsection at the same | ||
| rate paid by employees or 12 percent, whichever is the smaller rate. | ||
| The governing body of a municipality or other political subdivision | ||
| by ordinance or, in accordance with Section 29A of this Act, by | ||
| contract may adopt a rate of employer contributions that is greater | ||
| than the rate required by this subsection. | ||
| SECTION 2. Texas Local Fire Fighters Retirement Act | ||
| (Article 6243e, Vernon's Texas Civil Statutes), is amended by | ||
| adding Section 29A to read as follows: | ||
| Sec. 29A. CONTRACT TO INCREASE EMPLOYER CONTRIBUTIONS AND | ||
| MAKE CERTAIN RELATED SYSTEM MODIFICATIONS. (a) A municipality or | ||
| other political subdivision may contract with the board of trustees | ||
| of a retirement system to adopt a rate of employer contributions | ||
| that is greater than the rate required by Section 29(b) of this Act. | ||
| (b) Notwithstanding any other law, a contract entered into | ||
| under this section may include provisions modifying the following | ||
| with respect to a retirement system: | ||
| (1) employee contributions; | ||
| (2) actuarial assumptions, provided the actuarial | ||
| assumptions are approved by an actuary who meets the qualifications | ||
| prescribed by Section 7(c) of this Act; and | ||
| (3) benefits. | ||
| SECTION 3. (a) Except as provided by Subsection (b) of this | ||
| section, a contract described by Section 29A, Texas Local Fire | ||
| Fighters Retirement Act (Article 6243e, Vernon's Texas Civil | ||
| Statutes), as added by this Act, that was entered into by a | ||
| municipality or other political subdivision and the board of | ||
| trustees of a retirement system before the effective date of this | ||
| Act is validated as of the date the contract was made or attempted | ||
| to be made. | ||
| (b) This section does not validate: | ||
| (1) an act that, under the law of this state at the | ||
| time the act occurred, was a misdemeanor or felony; or | ||
| (2) a matter that on the effective date of this Act: | ||
| (A) is involved in litigation if the litigation | ||
| ultimately results in the matter being held invalid by a final | ||
| judgment of a court; or | ||
| (B) has been held invalid by a final judgment of a | ||
| court. | ||
| SECTION 4. This Act takes effect September 1, 2023. | ||
