2017 June

Texas (Houston) – Limited Employer Contributions, Increased Employee Contributions, Deferred Retirement

Posted by StuartBuck in - -View All States - - on June 5, 2017 with Comments Off on Texas (Houston) – Limited Employer Contributions, Increased Employee Contributions, Deferred Retirement

Law:

SB 2190 (enacted May 31, 2017)

Type of reform:

SB 2190 generally revised the manner in which the Houston Police, Firefighter, and Municipal Employees Retirement Funds calculate the required city contribution. Under the statute, each of the funds must provide a report and analysis on the median, minimum, and maximum contribution rate for the municipality for 31 years beginning on July 1, 2017, and set municipal contribution rates accordingly. Each fund has the authority to raise funds through voter-approved bond issuances.

The law also modifies the DROP program by restricting eligibility, limiting the number of years that individuals can participate in DROP to 13, and restricting certain member contributions from being added to DROP.

With respect to the Firefighter Board in particular, SB 2190 allows the fund and the municipality to alter the means of determining contribution rates, but prohibited increasing the assumed rate of return to more than 7% a year. It also prohibited extending the amortization period of liability to greater than 30 years and changed the rate of contribution for active members’ salary from 8.35 % to 10.5%.

Case:

Houston Firefighters Relief and Retirement Fund v. City of Houston, Harris County District Court (filed May 30, 2017) [Case No. 2017-36216, 190th Judicial District] Read more…

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