Texas 2009 - 81st Regular

Texas House Bill HB1070 Compare Versions

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1	1	81R2719 TJS-F
2	2	By: Truitt H.B. No. 1070
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to audits of certain public retirement system actuarial
8	8	valuations, studies, and reports.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Sections 802.1012(a), (b), and (c), Government
11	11	Code, are amended to read as follows:
12	12	(a) In this section:
13	13	(1) "Governmental [, "governmental] entity" means a
14	14	unit of government that is the employer of active members of a
15	15	public retirement system.
16	16	(2) "Plan year" means the 12-month accounting period
17	17	of the affected pension plan of a public retirement system subject
18	18	to this section.
19	19	(b) Except as provided by Subsection (k), this section
20	20	applies only to a public retirement system with total assets the
21	21	book value of which, as of the last day of the retirement system's
22	22	preceding plan [fiscal] year, is at least $100 million.
23	23	(c) Not later than the date six months after the last day of
24	24	the first plan year in which a public retirement system has total
25	25	assets the book value of which as of the last day of that plan year
26	26	is at least $100 million, and, subject to continuing applicability
27	27	under Subsection (b), every [Every] five years after that date, the
28	28	actuarial valuations, studies, and reports of the [a public]
29	29	retirement system most recently prepared for the retirement system
30	30	as required by Section 802.101 or other law under this title or
31	31	under Title 109, Revised Statutes, must be audited by an
32	32	independent actuary who:
33	33	(1) is engaged for the purpose of the audit by the
34	34	governmental entity; and
35	35	(2) has the credentials required for an actuary under
36	36	Section 802.101(d).
37	37	SECTION 2. (a) The change in law made by this Act applies
38	38	only to a public retirement system to which Section 802.1012,
39	39	Government Code, as amended by this Act, applies and that has a plan
40	40	year, as defined by Section 802.1012(a), Government Code, as
41	41	amended by this Act, that ends on or after September 1, 2009.
42	42	(b) A public retirement system that has conducted an audit
43	43	under Section 802.1012, Government Code, as added by Chapter 733
44	44	(H.B. 2664), Acts of the 80th Legislature, Regular Session, 2007,
45	45	before the effective date of this Act is not required to conduct
46	46	another audit under Section 802.1012, Government Code, as amended
47	47	by this Act, before September 1, 2013.
48	48	(c) A public retirement system that was required to but has
49	49	not conducted an audit under Section 802.1012, Government Code, as
50	50	added by Chapter 733 (H.B. 2664), Acts of the 80th Legislature,
51	51	Regular Session, 2007, before the effective date of this Act shall
52	52	conduct the audit not later than March 1, 2010.
53	53	(d) The first audit conducted under Section 802.1012,
54	54	Government Code, as amended by this Act, must include an audit of
55	55	each actuarial valuation, study, and report of the public
56	56	retirement system prepared for that retirement system in the
57	57	preceding five years.
58	58	SECTION 3. This Act takes effect September 1, 2009.