Texas 2009 - 81st Regular

Texas Senate Bill SB2582

Voted on by Senate
 
Out of House Committee
 
Voted on by House
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to certain investment products made available to certain public school employees and the companies authorized to provide those products; providing civil penalties.

Impact

The legislation amends existing statutes concerning the Teacher Retirement System of Texas. It introduces a more structured certification process for companies offering investment products, which is meant to enhance the security and quality of investment options available to educators. Additionally, public schools are not allowed to engage with companies whose certifications have been suspended or revoked, reinforcing the accountability of service providers in this sector.

Summary

Senate Bill 2582 aims to regulate certain investment products available to public school employees in Texas. The bill addresses qualified investment products, which include annuities and other retirement accounts offered to educators. It makes provisions for the certification of companies that can provide these investment products, including compliance with state and federal securities laws. By offering a framework for oversight, the legislation seeks to protect employees by ensuring that the investment options they select adhere to regulatory standards and are provided by certified companies.

Contention

Despite its protective measures, the bill may face scrutiny regarding its potential impact on the availability and cost of investment products for educators. Critics may argue that the increased regulation could limit the variety of investment options provided to school employees or drive up administrative costs for companies trying to comply with the new rules. As with many regulatory changes, there is a balance to be struck between ensuring educator protection and maintaining a competitive marketplace for investment products.

Companion Bills

No companion bills found.

Previously Filed As

TX SB1246

Relating to authorized investments of public money by certain governmental entities and the confidentiality of certain information related to those investments.

TX HB3495

Relating to the investment authority of certain state agencies and the confidentiality of certain information related to those investments.

TX SB2405

Relating to state contracts with Chinese companies and investments in Chinese companies and certain companies doing business with China; authorizing a civil penalty.

TX HB404

Relating to requiring certain employers to provide paid leave to employees; providing civil and administrative penalties.

TX HB893

Relating to requiring certain employers to provide paid sick leave to employees; providing administrative and civil penalties.

TX SB2530

Relating to contracts with and investments in companies that boycott certain energy companies.

TX HB1718

Relating to rural development funds and insurance tax credits for certain investments in those funds; authorizing fees.

TX HB307

Relating to requiring certain employers to provide paid sick leave to employees; providing administrative penalties.

TX SB321

Relating to the production and regulation of hemp; providing administrative penalties; creating a criminal offense.

TX SB691

Relating to an animal share exemption for certain meat and meat food products; providing a civil penalty.

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