Bill Text: TX SB1750 | 2017-2018 | 85th Legislature | Introduced

Texas Senate Bill 1750 (Prior Session Legislation)

Introduced

Bill Title: Relating to a study of the cost-effectiveness and feasibility of implementing a hybrid retirement plan for newly hired state employees and teachers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-03-23 - Referred to State Affairs [SB1750 Detail]

Download: Texas-2017-SB1750-Introduced.html

	85R11647 LED-D

	By: Bettencourt	S.B. No. 1750



	A BILL TO BE ENTITLED
	AN ACT
	relating to a study of the cost-effectiveness and feasibility of
	implementing a hybrid retirement plan for newly hired state
	employees and teachers.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. (a) In this section, "hybrid retirement plan"
	means a retirement plan that combines elements of a defined benefit
	plan, a defined contribution plan, or an individual retirement
	savings account.
	(b) The State Pension Review Board shall contract with a
	nationally recognized actuarial firm to conduct a comprehensive
	study to:
	(1) compare the cost-effectiveness and feasibility of
	creating and implementing a hybrid retirement plan for newly hired
	state employees and teachers that is to be:
	(A) provided instead of the existing retirement
	benefit plans provided to state employees and teachers; and
	(B) administered by the Employees Retirement
	System of Texas or the Teacher Retirement System of Texas, as
	appropriate; and
	(2) evaluate the experiences of other municipalities
	and states that have implemented a hybrid retirement plan for their
	employees, including whether those entities experienced a
	reduction in employee benefits or an increase in costs to the
	entity.
	(c) Any actuarial analysis conducted for purposes of the
	study required by this section must be conducted by an enrolled
	actuary under the Employee Retirement Income Security Act of 1974
	(29 U.S.C. Section 1001 et seq.).
	(d) Not later than September 1, 2018, the State Pension
	Review Board shall submit a written report to the legislature
	containing the findings of the study conducted under this section
	together with the board's recommendations to the legislature
	regarding the cost-effectiveness and feasibility of implementing
	hybrid retirement plans for newly hired state employees and
	teachers.
	(e) This Act expires December 31, 2018.
	SECTION 2. This Act takes effect immediately if it receives
	a vote of two-thirds of all the members elected to each house, as
	provided by Section 39, Article III, Texas Constitution. If this
	Act does not receive the vote necessary for immediate effect, this
	Act takes effect September 1, 2017.