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Glenn Hegar
Texas Comptroller of Public Accounts
Glenn Hegar
Texas Comptroller of Public Accounts
Glenn Hegar
Texas Comptroller of Public Accounts

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Long-Term Obligations and the Texas Legacy Fund Endnotes

Published October 2018

Note: Endnote links were accurate at the time of publication.

  1. Moody’s Investors Service, “Moody’s: US States’ FY 2015 Net Pension Liabilities Reach $1.25 Trillion, with More Growth to Come,” October 6, 2016; and Standard & Poor’s Financial Services LLC, “Global Ratings, Summary: Texas; General Obligation; General Obligation Equivalent Security; Joint Criteria,” Dallas, Texas, October 2016, p. 5.
  2. Employees Retirement System of Texas, “Performance” and “Who We Serve”.
  3. Employees Retirement System of Texas, “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2017” (PDF); Sustainability of the State of Texas Retirement Program, September 2012, p. 1 (PDF); and Legislative Handbook: A Reference Guide to ERS (February 2017) (PDF), p. 8.
  4. Employees Retirement System of Texas, 2017 Legislative Handbook: A Reference Guide to ERS, p. 23.
  5. Employees Retirement System of Texas, “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2017.”
  6. Employees Retirement System of Texas, “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2016,” p. 1 (PDF); “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2017,” p. 1; 2006 Comprehensive Annual Financial Report, (PDF) p. 52; and 2017 Comprehensive Annual Financial Report, (PDF) p. 125.
  7. See for instance American Academy of Actuaries, “Issue Brief: The 80% Pension Funding Standard Myth,” (PDF) July 2012.
  8. Employees Retirement System of Texas, “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2016,” p. 1; “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2017,” p. 1; 2006 Comprehensive Annual Financial Report, p. 52; and 2017 Comprehensive Annual Financial Report, p. 125.
  9. Employees Retirement System of Texas, “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2017.”
  10. Email communication and spreadsheet from Machelle Pharr, chief financial officer, Employees Retirement System of Texas, August 21, 2018.
  11. Employees Retirement System of Texas, Actuarial Valuation Reports for Pension Plans Administered by ERS as of August 31, 2017, by Gabriel Roeder Smith & Company, pp. 11 and 22.
  12. Email communication from Machelle Pharr, chief financial officer, Employees Retirement System of Texas, August 28, 2018.
  13. National Association of State Retirement Administrators, “Public Fund Survey,” November 2017.
  14. Employees Retirement System of Texas, Sustainability of the State of Texas Retirement Program: Report to the 82nd Texas Legislature, p. 28.
  15. Employees Retirement System of Texas, “Actuarial Valuation of the Plans Administered by ERS as of August 31, 2017.”
  16. The World Bank, “Life Expectancy at Birth, Total (Years)”.
  17. Employees Retirement System of Texas, 2017 Legislative Handbook: A Reference Guide to ERS, p. 11.
  18. Texas Sunset Advisory Commission, Employees Retirement System of Texas: Staff Report with Final Results (June 2017), pp. 33-37.
  19. Texas Legislature Online, “Texas Constitution and Statutes.”
  20. Employees Retirement System of Texas, Sustainability of the State of Texas Retirement Program: Report to the 82nd Texas Legislature, pp. 31-32.
  21. Brookings Institution, “Financing State and Local Pension Obligations: Issues and Options,” by William G. Gale and Aaron Krupkin (July 2016), p. 2; and Employees Retirement System of Texas, Sustainability of the State of Texas Retirement Program: Report to the 82nd Texas Legislature, pp. 33-34.
  22. Employees Retirement System of Texas, Sustainability of the State of Texas Retirement Program: Report to the 82nd Texas Legislature, p. 47.
  23. The Pew Charitable Trusts, “Hybrid Public Pension Plans: A Primer” (PDF), April 2015.
  24. Employees Retirement System of Texas, Sustainability of the State of Texas Retirement Program: Report to the 82nd Texas Legislature, pp. 48 & 56.
  25. Tex. Ins. Code Title 8, Subtitle H, Ch. 1575, §1575.202.
  26. Teacher Retirement System of Texas, “Public Pension Systems in Texas,” (PDF) presentation before the Senate Committee on State Affairs by Brian Guthrie, executive director, April 4, 2018.
  27. Teacher Retirement System of Texas, “Public Pension Systems in Texas.”
  28. Texas Legislature, Joint Interim Committee to Study TRS Health Benefit Plans, Report to the 85th Legislature (PDF) (Austin, Texas, November 2016), p. 13.
  29. Teacher Retirement System of Texas, “Summary of 2017 TRS-Related Legislation.”
  30. Teacher Retirement System of Texas, “Summary of 2017 TRS-Related Legislation” and “Public Pension Systems in Texas.”
  31. Texas Legislature, Joint Interim Committee to Study TRS Health Benefit Plans, Report to the 85th Legislature, p. 9.
  32. Teacher Retirement System of Texas, “Public Pension Systems in Texas.”
  33. Teacher Retirement System of Texas, “FY 2020-2021 Legislative Appropriations Request,”(PDF) in documents for the Budget Committee Meeting, July 26, 2018, p. 4.
  34. Tex. Const. Article VII, §19 states, “If in any fiscal year there is not enough money in the Texas tomorrow fund to pay the tuition and required fees … as provided by a prepaid tuition contract, there is appropriated out of the first money coming into the state treasury in each fiscal year not otherwise appropriated by the constitution the amount that is sufficient to pay the applicable amount of tuition and required fees of the institution.”
  35. Texas Prepaid Higher Education Tuition Program, Annual Report 2017 (PDF), p. 3.
  36. Spreadsheet provided by Ken Pon, Texas Prepaid Higher Education Tuition Board, July 17, 2018
  37. Texas Prepaid Higher Education Tuition Program, Annual Report 2017, p. 23.
  38. Letter from Kevin Dieters, Texas Prepaid Higher Education Tuition Board, to Texas Guaranteed Tuition Plan purchasers, (PDF) August 24, 2009.
  39. Gary Scharrer, “Tuition Refund Plan Reinstated,” San Antonio Express News (November 6, 2009), p. 1B.
  40. Cappex, “List of State Prepaid Tuition Plans.”
  41. Sherman Actuarial Services, LLC, “TGTP Funding Scenarios for 2018-19.”
  42. Texas H.B. 2004, 84th Leg., Reg. Sess. (2015), Bill Analysis. (PDF)
  43. Texas Joint Oversight Committee on Government Facilities, “June Quarterly Report, FY 2016-2017.” (XLSX)
  44. Tex. S.B. 1, General Appropriations Act for the 2018-19 Biennium, IX-85 – IX-86.
  45. Tex. S.B. 1, General Appropriations Act for the 2018-19 Biennium, IX-86.
  46. Texas Joint Oversight Committee on Government Facilities, “June Quarterly Report, FY 2018-2019.”
  47. Drawn from testimony at the Joint Oversight Committee on Government Facilities hearing, Austin, Texas, October 25, 2017.
  48. S.B. No. 1, General Appropriations Act, 85th Leg., Reg. Sess. (2017), (PDF) page IX-86.
  49. Tex. H.B. 1498 (PDF).
  50. Texas Comptroller of Public Accounts, 2018-2019 Certification Revenue Estimate - Revised July 2018, p. 12.
  51. National Association of State Budget Officers, The Fiscal Survey of States: 2018 Spring Report, (PDF) Table 31, p. 69.
  52. Testimony by Texas Comptroller of Public Accounts Glenn Hegar before the Senate Finance Committee, March 20, 2018.

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