Subscribe to receive our Floor Reports covering all the action on the Texas House and Senate floor!
Relating to the funding of public retirement systems.
No significant fiscal implication to the State is anticipated.
HB 3898 would require a public retirement system, and its governmental entity if it is not a statewide system, to develop a written funding policy detailing a plan to achieve full funding and to revise the policy in a timely fashion to reflect any significant changes in the plan resulting from implementing a funding soundness plan, including a revised funding soundness plan.
HB 3898 would require a public retirement system to notify its corresponding governmental entity and develop a funding soundness plan if an actuarial valuation of the system indicates that system's expected funding period would exceed 30 years multiple times consecutively, would exceed 30 years with a funded ratio of 65% or lower, or if it would exceed 40 years.
Texas Action is neutral toward HB 3898.