2017 Legislative Update
The 2017 legislative session concluded on March 30, 2017, and was the first year of the two-year (2017-18) biennium session. Retirement legislation introduced in 2017 that has a fiscal impact must be forwarded for an actuarial study in order to remain a valid bill for the 2018 session. Non-fiscal bills do not require an actuarial study and remain valid.
The House Retirement Committee met on May 9, 2017, and voted to forward HB 218 and HB 418 for actuarial studies. These bills remain viable legislation. HB 633 was tabled and not forwarded for an actuarial study. Unless the legislation is reconsidered by the House Retirement Committee, the bill will “die in committee”.
The Senate Retirement Committee will meet on May 22, 2017, to decide which Senate bills will be forwarded for an actuarial study.
The State Auditor will provide the respective chairpersons with the actuarial studies showing the cost of each bill. A copy of the actuarial study is attached to the bill and travels with the bill throughout its life. After the actuarial study is completed, the bill may be amended only in such a manner as reduces the cost of the bill. Any substitute or amendment must be accompanied by a certificate from the State Auditor certifying whether the substitute or amendment changes the cost reflected in the actuarial study and, if so, a new actuarial study is required.
For detailed information on how retirement legislation becomes law, please visit www.trsga.com/legislation.