Texas HB2688 amends the public retirement systems for firefighters in municipalities with populations of at least 2,000,000.

Texas HB2688 amends the public retirement systems for firefighters in municipalities with populations of at least 2,000,000. The bill establishes a firefighters' relief and retirement fund in each incorporated municipality meeting the population requirement. It sets the assumed rate of return on fund assets at 7.5% per annum, unless adjusted. The bill also modifies pension eligibility and benefit calculations, including adjustments for members who participate in the deferred retirement option plan (DROP).

Texas HB2688 amends the public retirement systems for firefighters in municipalities with populations of at least 2,000,000.

Texas HB2688 amends the public retirement systems for firefighters in municipalities with populations of at least 2,000,000. The bill establishes a firefighters' relief and retirement fund in each incorporated municipality meeting the population requirement. It sets the assumed rate of return on fund assets at 7.5% per annum, unless adjusted. The bill also modifies pension eligibility and benefit calculations, including adjustments for members who participate in the deferred retirement option plan (DROP).