Bill Text: TX HB4141 | 2023-2024 | 88th Legislature | Enrolled

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Bill Title: Relating to a study conducted by the Teacher Retirement System of Texas on the feasibility of offering alternative service retirement benefits to peace officers who are members of the retirement system.

Spectrum: Bipartisan Bill

Status: (Passed) 2023-06-10 - Effective immediately [HB4141 Detail]

Download: Texas-2023-HB4141-Enrolled.html

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H.B. No. 4141

AN ACT
relating to a study conducted by the Teacher Retirement System of
Texas on the feasibility of offering alternative service retirement
benefits to peace officers who are members of the retirement
system.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 825, Government Code, is
amended by adding Section 825.1085 to read as follows:
Sec. 825.1085. STUDY AND REPORT ON ALTERNATIVE SERVICE
RETIREMENT BENEFITS FOR PEACE OFFICERS. (a) The retirement system
shall conduct a study on the feasibility of offering members who are
peace officers alternative service retirement benefits under the
system.
(b) In conducting the study, the retirement system shall
assess the costs to and impact on the retirement system associated
with offering members who are peace officers the following
alternative service retirement benefits:
(1) a service retirement benefit under the existing
benefit plan that:
(A) includes a supplemental benefit for peace
officers that is substantially similar in design and cost structure
to the supplemental retirement benefit payable from the law
enforcement and custodial officer supplemental retirement fund
established under Section 815.317; and
(B) provides retirement eligibility at any age
after the member attains 20 or 25 years of service;
(2) a service retirement benefit under a cash balance
benefit plan that:
(A) is substantially similar in design and cost
structure to the cash balance benefit plan established under
Chapter 820, except that the plan considered under this subdivision
may not offer a supplemental retirement benefit for peace officers
similar to the supplemental retirement benefit for law enforcement
and custodial officers provided under Chapter 820; and
(B) provides retirement eligibility at any age
after the member attains 20 or 25 years of service; and
(3) a cash balance benefit plan that:
(A) is substantially similar in design and cost
structure to the cash balance benefit plan established under
Chapter 820, including by providing a supplemental retirement
benefit for peace officers similar to the supplemental retirement
benefit provided to law enforcement and custodial officers provided
under Chapter 820; and
(B) provides retirement eligibility at any age
after the member attains 20 or 25 years of service.
(c) Not later than March 1, 2024, an employer who employs
peace officers shall submit the following information to the
retirement system:
(1) the number of peace officers employed by the
employer on December 31, 2023;
(2) the number of unfilled peace officer positions on
December 31, 2023;
(3) for the 10-year period before December 31, 2023,
the average years of service earned by peace officers who resigned
before retirement; and
(4) the compensation or salary scale for peace
officers employed by the employer.
(d) Not later than December 31, 2024, the retirement system
shall prepare and submit a report to the legislature that contains
the findings of the study and the information submitted to the
retirement system under Subsection (c).
(e) The Legislative Budget Board and the State Pension
Review Board shall, as necessary:
(1) assist the retirement system in conducting the
study; and
(2) provide the retirement system with any information
needed to complete the report required under Subsection (d).
(f) This section expires on September 1, 2025.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2023.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 4141 was passed by the House on May 2,
2023, by the following vote: Yeas 112, Nays 33, 2 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 4141 was passed by the Senate on May
17, 2023, by the following vote: Yeas 30, Nays 1.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor