The passing of House Bill 2763 was the culmination of over two years of work to bring the City of Galveston Employees’ Pension Plan for Police and the City of Galveston together to improve its funding and secure the retirement benefits of uniformed officers, retirees and their beneficiaries. The plan will now rely on contributions that will be based on sound actuarial principles, which will bring it within the funding guidelines established by the Pension Review Board. In addition, the composition and decision-making authority of the plan’s Board of Trustees have been updated to ensure more collaboration and consensus. The Locke Lord team included Sarah Lacy, Robert Miller, Brian O’Reilly and Neftali Partida (all of Austin) in the process of navigating the retirement plan administration, compliance, public policy, fiduciary duty, governance and governmental/legislative affairs issues.
Posted on June 19, 2019