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Summary: HB 1882 would revise certain laws relating to the operation and administration of Employees Retirement System of Texas (ERS) as part of an effort by the Legislature to periodically make changes that address the needs of both the legislature and ERS. HB 1882 makes numerous changes that will have a lasting impact on ERS. According to the Legislative Budget Board, HB 1882 would decrease the system’s unfunded actuarial accrued liability by nearly $1 billion and increase the funded ratio of assets to liabilities. HB 1882 would reduce the amount of contributions necessary from beneficiaries to sustain ERS and it would decrease insurance benefits for employees that have less than 20 years of service and completely exempt employees that have less than 10 years of service.
HB 1882 makes changes to ERS that reduces the system’s liabilities, limits certain benefits, and reduces the system’s overall cost to taxpayers. We support HB 1882 because it puts the system on a more sustainable trajectory that will reduce its cost to taxpayers.