Relating to the Texas Emergency Services Retirement System.

HB 4736 amends Texas law to clarify how the Texas Emergency Services Retirement System manages its pension funding. It defines key terms like "legacy liability" (the unpaid pension debt as of August 2024) and "liability layers" (how pension obligations change yearly due to factors like investment returns). The bill sets a deadline - either 15 years from the valuation date or September 1, 2055 - for fully covering the system's unfunded pension debt through contributions. These changes directly affect Texas emergency service employees and retirees who rely on this retirement system for benefits. The bill focuses on measuring and managing the system's financial health, not altering benefit amounts or contribution rates.