{"id":253666,"date":"2021-09-04T11:30:43","date_gmt":"2021-09-04T06:00:43","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253666"},"modified":"2021-09-04T10:06:57","modified_gmt":"2021-09-04T04:36:57","slug":"usa-texas-government-passes-law-relating-to-employees-retirement-system-of-texas","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/04\/usa-texas-government-passes-law-relating-to-employees-retirement-system-of-texas\/","title":{"rendered":"USA- Texas | Government passes law relating to Employees Retirement System of Texas"},"content":{"rendered":"<p style=\"text-align: justify;\">The Texas Government has passed Senate Bill no. 321, relating to contributions to, benefits from, and the administration of the Employees Retirement System of Texas. The law has come into effect on September 1, 2021.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Key features of the Act are:<\/p>\n<ul>\n<li style=\"text-align: justify;\">The Act establishes a new cash balance retirement plan for new state employees starting on or after September 1, 2022.<\/li>\n<li style=\"text-align: justify;\">The new plan shall deposit a percentage of a worker\u2019s annual compensation in retirement accounts. Currently, employees have defined-benefit retirement accounts based on employment position and previous salaries.<\/li>\n<li style=\"text-align: justify;\">It requires the state to make annual amortization payments to the ERS trust fund in order to start paying down the existing unfunded liability. Therefore, this will lead to more stability in the pension fund and the funding period will be lowered.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Texas Government has passed Senate Bill no. 321, relating to contributions to, benefits from, and the administration of the Employees Retirement <\/p>\n","protected":false},"author":121,"featured_media":253669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-253666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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increase the retirement age of the Judicial staff from 56 to 58 years of age.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"kerala high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/kerala-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/kerala-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/kerala-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/kerala-high-court.webp?resize=700%2C400&ssl=1 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