| 5 | 3 | | |
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| 6 | 4 | | |
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| 7 | 5 | | A BILL TO BE ENTITLED |
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| 8 | 6 | | AN ACT |
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| 9 | 7 | | relating to requiring the reporting of certain commissions and fees |
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| 10 | 8 | | paid by public retirement systems. |
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| 11 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 10 | | SECTION 1. Section 802.103, Government Code, is amended by |
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| 13 | 11 | | amending Subsection (a) and adding Subsection (c) to read as |
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| 14 | 12 | | follows: |
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| 15 | 13 | | (a) The [Except as provided by Subsection (c), the] |
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| 16 | 14 | | governing body of a public retirement system shall publish an |
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| 17 | 15 | | annual financial report showing the financial condition of the |
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| 18 | 16 | | system as of the last day of the fiscal year covered in the report. |
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| 19 | 17 | | The report must include: |
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| 20 | 18 | | (1) the financial statements and schedules examined in |
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| 21 | 19 | | the most recent audit performed as required by Section 802.102; |
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| 22 | 20 | | (2) [and must include] a statement of opinion by the |
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| 23 | 21 | | certified public accountant as to whether or not the financial |
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| 24 | 22 | | statements and schedules are presented fairly and in accordance |
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| 25 | 23 | | with generally accepted accounting principles; and |
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| 26 | 24 | | (3) a statement that details the commissions and fees |
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