| 1 | 1 | | 81R3041 SGA-D |
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| 2 | 2 | | By: McCall H.B. No. 4032 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the composition of the board of trustees of the Teacher |
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| 8 | 8 | | Retirement System of Texas. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Sections 825.002(b) and (d), Government Code, |
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| 11 | 11 | | are amended to read as follows: |
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| 12 | 12 | | (b) The governor shall appoint two [three] members of the |
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| 13 | 13 | | board to hold office for staggered terms that expire [, with the |
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| 14 | 14 | | term of one trustee expiring] on August 31 of [each] odd-numbered |
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| 15 | 15 | | years [year]. These members must be persons who have demonstrated |
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| 16 | 16 | | financial expertise, who have worked in private business or |
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| 17 | 17 | | industry, and who have broad investment experience, preferably in |
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| 18 | 18 | | investment of pension funds. None of the members appointed under |
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| 19 | 19 | | this subsection may be a member or annuitant of the retirement |
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| 20 | 20 | | system. |
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| 21 | 21 | | (d) The governor shall appoint two members [one member] of |
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| 22 | 22 | | the board from a slate of four [three] former members of the |
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| 23 | 23 | | retirement system who have retired and are receiving benefits from |
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| 24 | 24 | | the retirement system and who have been nominated in accordance |
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| 25 | 25 | | with Subsections (f) and (g) by the persons who have retired and are |
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| 26 | 26 | | receiving benefits from the retirement system. The two members |
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| 27 | 27 | | hold office for staggered terms. |
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| 28 | 28 | | SECTION 2. (a) Notwithstanding the term of six years |
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| 29 | 29 | | stipulated by Section 825.004(a), Government Code, as soon as |
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| 30 | 30 | | practicable, the retired former members of the Teacher Retirement |
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| 31 | 31 | | System of Texas shall prepare a slate of three nominees and the |
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| 32 | 32 | | governor shall appoint from that slate an additional member to the |
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| 33 | 33 | | board of trustees of the Teacher Retirement System of Texas under |
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| 34 | 34 | | Section 825.002(d), Government Code, as amended by this Act, to |
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| 35 | 35 | | serve a term that expires August 31, 2015. Subsequent board of |
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| 36 | 36 | | trustee members appointed to that position shall serve the six-year |
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| 37 | 37 | | term. |
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| 38 | 38 | | (b) The governor may not appoint a successor to a member of |
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| 39 | 39 | | the board of trustees of the Teacher Retirement System of Texas who |
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| 40 | 40 | | was appointed under Section 825.002(b), Government Code, and whose |
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| 41 | 41 | | term expires August 31, 2009. |
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| 42 | 42 | | SECTION 3. This Act takes effect immediately if it receives |
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| 43 | 43 | | a vote of two-thirds of all the members elected to each house, as |
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| 44 | 44 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 45 | 45 | | Act does not receive the vote necessary for immediate effect, this |
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| 46 | 46 | | Act takes effect September 1, 2009. |
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