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Texas House gives initial approval on reform of state’s Employee Retirement System provisions

MAY 26, 2021 | by Wes Rapaport | KXAN NBC NEWS (TEXAS)

By Wes Rapaport, includes “… The bill aims to rectify the financial shortfall by committing to $510 million per year to make the pension fund solvent, according to AFSCME Texas Corrections, the largest organization representing Texas Department of Criminal Justice employees. The legislation also establishes a cash balance plan for new employees, phasing out the current defined benefits policy.”

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