SB1527 regulates the administration, contributions, and benefits of public retirement systems for police and firefighters in certain Texas.

SB1527 amends the Texas Revised Statutes to modify the administration, contributions, and benefits of public retirement systems for police and firefighters in certain municipalities. The bill introduces an "actuarially determined contribution rate" for city fiscal years, calculated based on actuarial valuations. It mandates biweekly contributions using this rate, with a five-year step-up period starting in October 2024. The bill also sets minimum and maximum contribution rates, with differences to be amortized over 20 years or until January 1, 2053.

SB1527 regulates the administration, contributions, and benefits of public retirement systems for police and firefighters in certain Texas.

SB1527 amends the Texas Revised Statutes to modify the administration, contributions, and benefits of public retirement systems for police and firefighters in certain municipalities. The bill introduces an "actuarially determined contribution rate" for city fiscal years, calculated based on actuarial valuations. It mandates biweekly contributions using this rate, with a five-year step-up period starting in October 2024. The bill also sets minimum and maximum contribution rates, with differences to be amortized over 20 years or until January 1, 2053.