Legislative • 81st Regular Session
81st Regular Session
5/26/09
Governor Signs TMRS Legislation
HB 360 was signed into law by Governor Rick Perry with immediate effect.
5/18/09 Update
TMRS Legislation Passes - HB 360 "relating to the crediting and charging of investment gains and losses on the assets held in trust by the Texas Municipal Retirement System and providing a guaranteed minimum credit to employee accounts," passed the Texas House and Texas Senate unanimously. The bill now goes to the Governor for the final measure before it becomes law.
TMRS thanks everyone involved in helping move HB 360 forward. We are particularly grateful to the primary sponsor, House Chairman Edmund Kuempel, co-authors Representatives Abel Herrero and Solomon Ortiz, Jr., and Senate sponsor Senator Tommy Williams and their staffs. Thanks also to the TMRS Board of Trustees for their leadership and the TMRS Legislative Stakeholder Group (now the TMRS Advisory Committee) for their role in preparing for this session.
TMRS' Board and Staff wish Chairman Kuempel's family well and hope Representative Kuempel has a speedy recovery.
4/27/09 Update
HB 360 Passes House - HB 360, containing the provisions recommended by the interim Legislative Stakeholder Group and the TMRS Board of Trustees, passed on the House Local and Consent Calendar on April 22 and was referred to the Senate State Affairs Committee. SB 908, the companion bill, has already been reported from that committee.
4/7/09 Update
On April 1, the Texas Senate passed a $182.2 billion spending plan, which represents a 7.3 percent increase from 2008-09 budget cycle. The increase is largely due to $11 billion in federal stimulus funding. Senate Finance Chair, Steve Ogden, pointed out that the state’s Rainy Day Fund was not tapped. The Senate’s budget must still be reconciled with the budget that is expected out of the HouseAppropriations Committeethis week.
HB 360: On March 25, the House Pensions, Investments and Financial Services (PIFS) Committee heard and passed House Bill 360, the TMRS legislation. The committee referred the bill to a “local calendar,” which could expedite its progress through the Texas House. Support for the bill came from the Arlington Professional Fire Fighters, the City of Denton, the City of McAllen, the City of San Antonio, the Combined Law Enforcement Associations of Texas (CLEAT), the Government Finance Officers of Texas (GFOAT), the Texas Association of Public Employee Retirement Systems (TEXPERS), the Texas Municipal League (TML), the Texas Municipal Police Association (TMPA), and the Texas State Association of Fire Fighters (TSAFF). There was no opposition to HB360. When HB 360 passes the House local calendar, it will go to the Senate, where a hearing for the companion Senate Bill 908 is currently being coordinated.
Other: The PIFS committee also heard House Bill 1344, related to the TMRS Advisory Committee. The TMRS Board has not endorsed any other provisions than those that are in HB 360. The committee heard the bill and left the bill pending in committee.
NOTE: House Bill 360 and Senate Bill 908 contain the only provisions adopted by the TMRS Board, as recommended by the TMRS Legislative Stakeholder Group, for the TMRS legislation this session. TMRS is responsible for providing technical assistance and testimony as requested by legislators and legislative committees on all legislation that affects TMRS.
2/17/09 Update
The Senate version of the TMRS legislation has been filed. SB908, by Senator Williams, is an identical companion bill to HB 360 by Rep. Kuempel. Both the House and Senate have begun referring bills to committees.
1/30/09 Update
On Wednesday the House passed a rule that changed the committee structure in a way that will affect pension bills. Instead of the Pensions and Investments Committee we have had in past sessions, the new rule creates a committee called Financial Services and Pensions. Besides retirement systems, the committee will have oversight for financial institutions, lending laws, and privacy and identity theft.
Agencies subject to the committee’s oversight include: the Finance Commission of Texas, the Credit Union Commission, the Office of Consumer Credit Commissioner, the Office of Banking Commissioner, the Texas Department of Banking, the Department of Savings and Mortgage Lending, the Texas Treasury Safekeeping Trust Company, the Texas Public Finance Authority, the Bond Review Board, the Office of Fire Fighters’ Pension Commissioner, the Board of Trustees of the Teacher Retirement System of Texas, the Board of Trustees of the Employees Retirement System of Texas, the Board of Trustees of the Texas County and District Retirement System, the Board of Trustees of the Texas Municipal Retirement System, the State Pension Review Board, and the State Securities Board.
1/16/09 - Session Opened January 13
The Texas Legislature convened for its 81st Legislative session on January 13, 2009. Each session runs 140 days, with the 81st set to adjourn in May. House members elected Representative Joe Straus, R-San Antonio, as Speaker of the Texas House by acclamation. The Senate had no changes in leadership but did add two new senators to its membership.
Committees will be set next, likely at the end of January or first part of February. As soon as committees are set, bills will begin being referred and heard. As a reminder, the TMRS legislation for this session was pre-filed in December — House Bill 360 by Representative Edmund Kuempel. Senator Tommy Williams will introduce the Senate version of the bill in the near future.
Overview of Preparation for 81st Session
The TMRS legislative proposal for the 81st Regular Session of the Texas Legislature includes three key provisions:
1. Guarantee an annual interest credit of at least 5% to member accounts and set the annuity purchase rate for retirees at a minimum of 5%
2. Allow the crediting of realized and unrealized income to city accounts
3. Allow city accounts to receive annual interest at a rate different from the member rate, including negative interest
This legislation is the most important in the 60-year history of TMRS. Download the October 2008 Legislative Flyer (pdf) for more details about the 2009 TMRS Legislative package.
9/5/08
5th Legislative Stakeholders meeting • Agenda (pdf)
8/14/08
4th Legislative Stakeholders meeting • Agenda (pdf) | Minutes (pdf)
7/18/08
3rd Legislative Stakeholders meeting • Agenda (pdf) | Minutes (pdf)
5/29/08
2nd meeting of the Legislative Stakeholders Group • Agenda (pdf) | Minutes (pdf)
4/17/08
1st meeting of the Legislative Stakeholders Group • Agenda (pdf) | Minutes (pdf)