LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION March 31, 2011 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB2193 by Truitt (Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend Chapter 815 of the Government Code relating to service and qualifications for membership on an investment advisory committee established by the Employees Retirement System (ERS) to provide advice to the ERS Board of Trustees on investments and investment-related issues. The bill would establish eligibility and ineligibility for membership on the advisory committee. The bill states that to be eligible to serve as a member of an investment advisory committee, a person must be: (a) a person with expertise in the management of a financial institution or other business in which investment decisions are made; or (b) a prominent educator in the field of economics, finance, or another investment-related area. The bill also authorizes the ERS Board of Trustees to prescribe the process for removal of an advisory committee member. It is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources. The bill would take effect on September 1, 2011. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:327 Employees Retirement System LBB Staff: JOB, AG, MS, DEH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
March 31, 2011
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB2193 by Truitt (Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.), Committee Report 1st House, Substituted
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB2193 by Truitt (Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.), Committee Report 1st House, Substituted
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HB2193 by Truitt (Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.), Committee Report 1st House, Substituted
HB2193 by Truitt (Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 815 of the Government Code relating to service and qualifications for membership on an investment advisory committee established by the Employees Retirement System (ERS) to provide advice to the ERS Board of Trustees on investments and investment-related issues. The bill would establish eligibility and ineligibility for membership on the advisory committee. The bill states that to be eligible to serve as a member of an investment advisory committee, a person must be: (a) a person with expertise in the management of a financial institution or other business in which investment decisions are made; or (b) a prominent educator in the field of economics, finance, or another investment-related area. The bill also authorizes the ERS Board of Trustees to prescribe the process for removal of an advisory committee member. It is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources. The bill would take effect on September 1, 2011.
The bill would amend Chapter 815 of the Government Code relating to service and qualifications for membership on an investment advisory committee established by the Employees Retirement System (ERS) to provide advice to the ERS Board of Trustees on investments and investment-related issues. The bill would establish eligibility and ineligibility for membership on the advisory committee. The bill states that to be eligible to serve as a member of an investment advisory committee, a person must be: (a) a person with expertise in the management of a financial institution or other business in which investment decisions are made; or (b) a prominent educator in the field of economics, finance, or another investment-related area. The bill also authorizes the ERS Board of Trustees to prescribe the process for removal of an advisory committee member.
It is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources.
The bill would take effect on September 1, 2011.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 327 Employees Retirement System
327 Employees Retirement System
LBB Staff: JOB, AG, MS, DEH
JOB, AG, MS, DEH