Under HB 1900, if a city funds its police department at a level lower than it has for the past two fiscal years, it won't be allowed to collect new property tax revenue. Gov. Greg Abbott has said he'd sign a measure like this.
It’s not an understatement to say street racing and stunt driving is a growing problem in North Texas. Now, those involved have something to lose if they are caught – their cars.
Senate Bill 321 would enroll new state workers in a cash-balance plan similar to a common 401(k) retirement account rather than the defined-benefit pension plan that current employees have.
Overhaul to Texas state government employees’ retirement accounts advanced by House
Texas Tribune
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The dome of the Texas Capitol on April 12, 2021. (JORDAN VONDERHAAR)
A major overhaul to Texas’ pension system for state employees advanced out of the Texas House on Wednesday, inching one step closer toward becoming law amid impending legislative deadlines.
Senate Bill 321, authored by state Sen. Joan Huffman, R-Houston, would enroll new state workers hired after Sept. 1, 2022, in a cash-balance plan similar to a common 401(k) retirement account rather than the defined-benefit pension plan that current employees have.
Traditional pensions are calculated based on a set formula that considers factors such as length of employment and salary history. The change would mean employees’ accounts would instead be credited with a set percentage of their annual compensation, plus interest. Opponents argue it could lead to diminished benefits.