Bill > SB1444

This bill amends provisions related to the public retirement systems for employees of certain municipalities. Key provisions include: - Defining important terms such as actuarial accrued liability, amortization rate, corridor, employer contribution rate, and unfunded actuarial accrued liability. - Modifying the composition and election process for the retirement board. - Requiring regular experience studies to review actuarial assumptions and methods, with a process for the city to review and provide input. - Changing the process for member contributions, employer contributions, and adjustments to contribution rates based on a risk-sharing valuation study. - Allowing members to purchase additional creditable service and convert accrued sick leave to creditable service. - Establishing requirements and limitations around cost-of-living adjustments and other benefit increases. The bill aims to provide a framework for the sustainable management of these municipal retirement systems going forward.

Budget and Finance, Labor and Employment

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=SB1444