Texas 2019 - 86th Regular

Texas House Bill HB3662 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	86R12697 TSR-F
2	2	By: Walle H.B. No. 3662
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the composition of the board of trustees of the Teacher
8	8	Retirement System of Texas.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 825.001, Government Code, is amended to
11	11	read as follows:
12	12	Sec. 825.001. COMPOSITION OF BOARD OF TRUSTEES. The board
13	13	of trustees is composed of 12 [nine] members.
14	14	SECTION 2. Section 825.002, Government Code, is amended by
15	15	amending Subsections (a), (b), (d), and (e) and adding Subsection
16	16	(e-2) to read as follows:
17	17	(a) The governor shall appoint, with the advice and consent
18	18	of the senate and as provided by this section, 10 [seven] members of
19	19	the board of trustees.
20	20	(b) The governor shall appoint four [three] members of the
21	21	board to hold office for staggered terms, with the term of one
22	22	trustee expiring on August 31 of each odd-numbered year. These
23	23	members must be persons who have demonstrated financial expertise,
24	24	who have worked in private business or industry, and who have broad
25	25	investment experience, preferably in investment of pension funds.
26	26	None of the members appointed under this subsection may be a member
27	27	or annuitant of the retirement system.
28	28	(d) Subject to Subsection (e-2), the [The] governor shall
29	29	appoint two members [one member] of the board from a slate of four
30	30	[three] former members of the retirement system who have retired
31	31	and are receiving benefits from the retirement system and who have
32	32	been nominated in accordance with Subsections (f) and (g) by the
33	33	persons who have retired and are receiving benefits from the
34	34	retirement system.
35	35	(e) Subject to Subsection (e-2), the [The] governor shall
36	36	appoint two members [one member] of the board from a slate of four
37	37	[three] persons who have been nominated in accordance with
38	38	Subsection (f) by the following groups collectively:
39	39	(1) members of the retirement system whose most recent
40	40	credited service was performed for an institution of higher
41	41	education;
42	42	(2) members of the retirement system whose most recent
43	43	credited service was performed for a public school district,
44	44	charter school, or regional education service center; and
45	45	(3) persons who have retired and are receiving
46	46	benefits from the retirement system.
47	47	(e-2) The governor shall ensure that at least one of the
48	48	members appointed under Subsection (d) or (e), as appropriate, is:
49	49	(1) a former member who retired from an institution of
50	50	higher education; or
51	51	(2) currently employed by an institution of higher
52	52	education.
53	53	SECTION 3. (a) As soon as practicable after the effective
54	54	date of this Act, the governor shall appoint an additional member to
55	55	the board of trustees of the Teacher Retirement System of Texas
56	56	under Section 825.002(b), Government Code, as amended by this Act.
57	57	(b) Notwithstanding the term of six years stipulated by
58	58	Section 825.004(a), Government Code, as soon as practicable after
59	59	the effective date of this Act, the Teacher Retirement System of
60	60	Texas shall prepare a slate of three nominees and the governor shall
61	61	appoint from that slate an additional member to the board of
62	62	trustees of the Teacher Retirement System of Texas under Section
63	63	825.002(d), Government Code, as amended by this Act, to serve a term
64	64	that expires on a date that preserves the required staggering of
65	65	terms. In making the appointment under this subsection, the
66	66	governor shall ensure that the composition of the board of trustees
67	67	complies with Section 825.002(e-2)(1), Government Code, as added by
68	68	this Act. Subsequent board of trustee members appointed to that
69	69	position shall serve the six-year term.
70	70	(c) Notwithstanding the term of six years stipulated by
71	71	Section 825.004(a), Government Code, as soon as practicable after
72	72	the effective date of this Act, the members of the Teacher
73	73	Retirement System of Texas who are described by Sections
74	74	825.002(e)(1)-(3), Government Code, as amended by this Act, shall
75	75	prepare a slate of three nominees and the governor shall appoint
76	76	from that slate an additional member to the board of trustees of the
77	77	Teacher Retirement System of Texas under Section 825.002(e),
78	78	Government Code, as amended by this Act, to serve a term that
79	79	expires on a date that preserves the required staggering of terms.
80	80	In making the appointment under this subsection, the governor shall
81	81	ensure that the composition of the board of trustees complies with
82	82	Section 825.002(e-2)(2), Government Code, as added by this Act.
83	83	Subsequent board of trustee members appointed to that position
84	84	shall serve the six-year term.
85	85	SECTION 4. This Act takes effect immediately if it receives
86	86	a vote of two-thirds of all the members elected to each house, as
87	87	provided by Section 39, Article III, Texas Constitution. If this
88	88	Act does not receive the vote necessary for immediate effect, this
89	89	Act takes effect September 1, 2019.