HBA-MPM H.B. 2464 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 2464 By: Tillery Pensions & Investments 4/8/2001 Introduced BACKGROUND AND PURPOSE Some judges have voiced concern over inequities between benefits and options offered by the Judicial Retirement System of Texas (JRS) Plan One and Plan Two. House Bill 2464 authorizes JRS members who are not retired to buy service credit in either plan, as applicable, using the same formula and rate of contribution. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 2464 amends the Government Code to authorize a member of the Judicial Retirement System (JRS) who has not retired to establish service credit in the JRS Plan One or Plan Two, as applicable, for any calendar year during which the member held an office included in the membership of JRS or was eligible to take an oath of office included in the membership of JRS. The member is authorized to establish credit by depositing with JRS a contribution computed for each month of credit claimed at the rate of six percent of the member's current monthly salary plus if the member does not establish credit before the first anniversary of the first eligibility, interest computed on the basis of the state fiscal year at an annual rate of 10 percent from the date of first eligibility to the date of deposit. The bill provides that a member who accrues 20 years of service credit in JRS Plan One ceases making contributions. The bill provides that service retirement annuities provided by JRS Plan Two to a qualified person may be adjusted from time to time. The bill requires JRS Plan Two to increase by 10 percent of the amount of the applicable state salary the annuity of a member who on the effective date of retirement has served as a visiting judge in Texas and the first anniversary date of the last day of that service has not occurred. EFFECTIVE DATE September 1, 2001.