86R28764 LED-D
By: Flynn H.B. No. 2649
Substitute the following for H.B. No. 2649:
By: Wu C.S.H.B. No. 2649
A BILL TO BE ENTITLED
AN ACT
relating to requiring the reporting of certain commissions and fees
paid by public retirement systems.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 802.103, Government Code, is amended by
amending Subsection (a) and adding Subsection (c) to read as
follows:
(a) The [Except as provided by Subsection (c), the]
governing body of a public retirement system shall publish an
annual financial report showing the financial condition of the
system as of the last day of the fiscal year covered in the report.
The report must include:
(1) the financial statements and schedules examined in
the most recent audit performed as required by Section 802.102;
(2) [and must include] a statement of opinion by the
certified public accountant as to whether or not the financial
statements and schedules are presented fairly and in accordance
with generally accepted accounting principles; and
(3) a statement that details the commissions and fees
paid by the retirement system to outside consultants other than
investment managers during the fiscal year covered by the report.
(c) Notwithstanding Sections 801.209 and 802.107, the board
and the governing body of a public retirement system shall post the
statement required by Subsection (a)(3) on their respective
Internet websites.
SECTION 2. This Act takes effect September 1, 2019.