Relating to the State Pension Review Board and public retirement systems; authorizing a fee.
Impact
The bill mandates that public retirement systems submit and disseminate information on investment returns, financial health, and other pertinent reports. Specifically, retirement systems are obliged to publish the names and contact information of their administrators, along with recent reports on the board's website. Importantly, the State Pension Review Board is tasked with ensuring compliance and could issue notifications to governing bodies regarding delays or failures in submissions, promoting greater accountability in the management of public retirement funds.
Summary
House Bill 13 is a legislative measure that alters the governance and reporting requirements surrounding public retirement systems in Texas. It primarily focuses on the functions of the State Pension Review Board, introducing provisions intended to enhance transparency and accountability among public pension systems. Key amendments include the establishment of a framework for posting reports and data relating to these systems on publicly accessible internet platforms, which enables easier public access to critical financial information. This aims to increase oversight and inform stakeholders of the performance and compliance of various retirement systems.
Contention
Notably, while the bill lays out a structured approach to improve the operations of public retirement systems, it is not without contention. Opponents may argue that the additional requirements could impose burdens on smaller or less-resourced pension systems that may struggle with compliance. Additionally, the effectiveness of the model ethical standards and conflict-of-interest policies, which are developed for voluntary adoption by the retirement systems, might be debated, particularly regarding whether public systems should be required to adopt such measures uniformly to safeguard public interests.
Relating to the fiduciary responsibility of the governing body of the public retirement systems in this state and the investment managers and proxy advisors acting on behalf of those systems.
Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.
Relating to public education and public school finance, including the rights, certification, and compensation of public school educators, contributions by a public school to the Teacher Retirement System of Texas, and an education savings account program for certain children.
Relating to instructional material and technology, the adoption of essential knowledge and skills for certain public school foundation curriculum subjects, and the extension of additional state aid to school districts for the provision of certain instructional materials; authorizing a fee.