Texas 2019 - 86th Regular

Texas House Bill HB183 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		86R30585 LED-D
2	2		By: Stephenson, Guillen, Clardy, H.B. No. 183
3	3		King of Parker, et al.
	4	+	Substitute the following for H.B. No. 183:
	5	+	By: Gervin-Hawkins C.S.H.B. No. 183
4	6
5	7
6	8		A BILL TO BE ENTITLED
7	9		AN ACT
8	10		relating to establishing a joint interim committee to study the
9	11		cost-effectiveness and feasibility of implementing a pension
10	12		revenue enhancement plan for the Teacher Retirement System of
11	13		Texas.
12	14		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	15		SECTION 1. INTERIM COMMITTEE; STUDY. (a) The joint interim
14	16		committee on a pension revenue enhancement plan for the Teacher
15	17		Retirement System of Texas is established to study and review the
16	18		cost-effectiveness and feasibility of implementing a pension
17	19		revenue enhancement plan to create an additional source of funding
18	20		for the Teacher Retirement System of Texas.
19	21		(b) The study must consider:
20	22		(1) a pension revenue enhancement plan under which:
21	23		(A) a life insurance policy is purchased for
22	24		certain members and annuitants of the Teacher Retirement System of
23	25		Texas enrolled in the plan; and
24	26		(B) the proceeds of the policy are issued to the
25	27		retirement system and the member's or annuitant's designated
26	28		beneficiary;
27	29		(2) methods for financing the pension revenue
28	30		enhancement plan, including by:
29	31		(A) obtaining a loan from a third-party lender to
30	32		pay the life insurance policy premiums; and
31	33		(B) establishing a trust fund to retain the
32	34		collected proceeds;
33	35		(3) eligibility criteria for members and annuitants of
34	36		the retirement system to enroll in the plan; and
35	37		(4) the process for selecting and appointing,
36	38		including eligibility criteria, persons and entities necessary to
37	39		administer and implement the plan, including members of a board of
38	40		trustees to administer the plan, a person to act as trustee of the
39	41		trust fund, a plan manager, a life insurance company, and a premium
40	42		finance company.
41	43		(c) The joint interim committee is composed of the members
42	44		of the pensions, investments, and financial services committee of
43	45		the house of representatives and the members of the senate
44	46		committee on state affairs.
45	47		(d) The chair of the pensions, investments, and financial
46	48		services committee of the house of representatives and the chair of
47	49		the senate committee on state affairs shall serve as co-chairs of
48	50		the joint interim committee.
49	51		(e) The joint interim committee shall convene at the call of
50	52		the co-chairs.
51	53		(f) The joint interim committee has all other powers and
52	54		duties provided to a special or select committee by the rules of the
53	55		senate and house of representatives, by Subchapter B, Chapter 301,
54	56		Government Code, and by policies of the senate and house committees
55	57		on administration.
56	58		(g) Not later than December 31, 2020, the joint interim
57	59		committee shall report the committee's findings and
58	60		recommendations to the legislature.
59	61		SECTION 2. ABOLITION OF COMMITTEE. The committee is
60	62		abolished and this Act expires January 1, 2021.
61	63		SECTION 3. EFFECTIVE DATE. This Act takes effect
62	64		immediately if it receives a vote of two-thirds of all the members
63	65		elected to each house, as provided by Section 39, Article III, Texas
64	66		Constitution. If this Act does not receive the vote necessary for
65	67		immediate effect, this Act takes effect September 1, 2019.