Texas House Bill HB13

Texas 2013 - 83rd Regular

Caption

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.