Bill Text: TX HB101 | 2017 | 85th Legislature 1st Special Session | Introduced
Bill Title: Relating to authorizing public retirement systems to study the cost-effectiveness and feasibility of implementing certain pension revenue enhancement strategies.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-08-09 - Left pending in committee [HB101 Detail]
Download: Texas-2017-HB101-Introduced.html
| By: Stephenson | H.B. No. 101 | |
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| relating to authorizing public retirement systems to study the | ||
| cost-effectiveness and feasibility of implementing certain pension | ||
| revenue enhancement strategies. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. (a) In this section: | ||
| (1) "Governing body of a public retirement system" and | ||
| "public retirement system" have the meanings assigned by Section | ||
| 802.001, Government Code. | ||
| (2) "Pension revenue enhancement strategy" means a | ||
| strategy by which a public retirement system obtains a life | ||
| insurance policy for each employee participating in the retirement | ||
| system, with the employee's consent, held in a separate trust for | ||
| the benefit of the retirement system. On the death of the employee, | ||
| the proceeds of the life insurance policy would be payable to the | ||
| public retirement system and added to the retirement system's | ||
| assets. | ||
| (b) The governing body of a public retirement system may | ||
| conduct a study to evaluate the cost-effectiveness and feasibility | ||
| of implementing a pension revenue enhancement strategy to create an | ||
| additional source of funding to address potential deficiencies in | ||
| funding the retirement system's liabilities. | ||
| (c) Not later than September 1, 2018, the governing body of | ||
| a public retirement system that completes a study described by | ||
| Subsection (b) of this section shall submit a written report to the | ||
| legislature and the standing committees of the house of | ||
| representatives and senate that have primary jurisdiction over | ||
| state pension systems containing the findings of the study together | ||
| with the governing body's recommendations regarding the | ||
| cost-effectiveness and feasibility of implementing a pension | ||
| revenue enhancement strategy. | ||
| (d) This Act expires December 31, 2018. | ||
| SECTION 2. This Act takes effect September 1, 2017. | ||
