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