TX HB2802

Updates the population bracket for the Firefighters Relief and Retirement Fund from cities of 450,000-500,000 to cities of 950,000-1,050,000, effectively targeting specific Texas municipalities

Implements a "risk sharing" framework for pension funding beginning January 1, 2026, establishing liability layers, corridor midpoints for municipal contribution rates, and mechanisms to adjust contributions based on fund performance

Creates two member classes: Group A members (employed before January 1, 2026) retain existing benefit formulas including 3.3% multiplier and survivor benefits; Group B members (hired on or after January 1, 2026) receive reduced benefits including a 3% multiplier, 60-month average salary calculation, and variable cost-of-living adjustments

Expands the board of trustees from five to seven members by adding one elected firefighter/retiree position and one public member appointed by the city with demonstrated finance or investment experience

Sets the municipal contribution rate at 22.05% of payroll through 2025, then transitions to a formula-based system with a 30-year amortization of the legacy unfunded liability and annual adjustments within a defined corridor range