S.B. No. 1527 seeks to amend the public retirement systems for police and firefighters in certain Texas municipalities by introducing new definitions and administrative requirements. A key feature of the bill is the establishment of an "actuarially determined contribution rate" for city fiscal years, which will be based on members' projected aggregate computation pay. The bill mandates compliance with Chapter 802 of the Government Code and renders any previously adopted plans or rules unenforceable. Additionally, it requires that actions such as settling lawsuits or increasing benefits must receive approval from both the city council and the board if they would increase the pension system's liabilities.

The bill also outlines specific contribution requirements, including a biweekly contribution schedule with a five-year step-up period starting in October 2024, and sets minimum and maximum contribution rates for various plan years. Notably, it allows the city council to waive certain funding requirements if the fund is projected to be fully funded in over 30 years. For the fiscal years ending September 30, 2025, through September 30, 2029, the city contribution amount is capped. The bill repeals Sections 2.025 and 4.02(e) of Article 6243a-1, Revised Statutes, and establishes that the new provisions will only apply to actions taken after the effective date of the Act. It is designed to take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if not.