Testimony to Texas House Appropriations Committee by Steven Gassenberger and Leonard Gilroy, includes “… In short, the state is structurally underfunding a retirement plan designed to address the needs of a small cohort of public employees. Pension costs and debt are rising rapidly even though benefits haven’t changed. … SB 321 would change this trajectory in a demonstrably positive direction by providing a new, modern, and low-risk ‘cash balance’ retirement plan for new hires …”