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The 80th Texas Legislature increased the state contribution rate to the Teacher Retirement System of Texas from 6.0% to 6.58% of employee payroll. This, coupled with investment returns of 14.4% in 2007, yielded an actuarial valuation that allowed the pension trust fund to pay the supplemental payment and still have a funding period under 31 years.
These employer contributions to these plans typically vest after some period of time, e.g. 5 years of service. These plans may be defined-benefit or defined-contribution pension plans, but the former have been most widely used by public agencies in the U.S. throughout the late twentieth century. Some local governments do not offer defined ...
Republicans in the Senate and Assembly have proposed measures that would limit collective-bargaining rights and increase pension contributions for state employees. Democrats in control of the Legislature kept collective bargaining safe, but Governor Jerry Brown (D) unveiled a plan in March to target excesses in pensions.
Bill Clements. William Perry Clements Jr. (April 13, 1917 – May 29, 2011) was an American businessman and Republican Party politician who served two nonconsecutive terms as the governor of Texas between 1979 and 1991. His terms bookended the sole term served by Mark Wells White, a Democrat who defeated Clements in the 1982 election only to ...
The state's Pension Advisory Working Group got a look at some eye-catching annual costs to make changes to the state's pension system. ... How much would it cost to reverse the 2011 pension ...
Abbott was sworn in as governor of Texas on January 20, 2015, succeeding Rick Perry. [90] [91] He is the first governor of Texas and the third elected governor of a U.S. state to use a wheelchair, after Franklin D. Roosevelt of New York (1929–1932) and George Wallace of Alabama (1963–1967, 1971–1979; 1983–1987). [92] [93] [94]
The Texas Municipal Retirement System (TMRS) is a statewide retirement system that provides retirement, disability, and death benefits for employees of participating Texas municipalities. TMRS was established in 1947 by Texas state law and is administered in accordance with the Texas Municipal Retirement System Act (Texas Government Code, Title ...
Among the options currently on the table, according to a Jan. 17 memo from the treasurer's office: a reduced "early retirement" penalty (annual cost: $12.1 million); an increase in employer, aka ...