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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.
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