Bill Text: TX HB183 | 2019-2020 | 86th Legislature | Engrossed
Bill Title: Relating to establishing a joint interim committee to study the cost-effectiveness and feasibility of implementing a pension revenue enhancement plan for the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Engrossed - Dead) 2019-05-13 - Received from the House [HB183 Detail]
Download: Texas-2019-HB183-Engrossed.html
86R30585 LED-D | ||
By: Stephenson, Guillen, Clardy, | H.B. No. 183 | |
King of Parker, et al. |
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relating to establishing a joint interim committee to study the | ||
cost-effectiveness and feasibility of implementing a pension | ||
revenue enhancement plan for the Teacher Retirement System of | ||
Texas. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. INTERIM COMMITTEE; STUDY. (a) The joint interim | ||
committee on a pension revenue enhancement plan for the Teacher | ||
Retirement System of Texas is established to study and review the | ||
cost-effectiveness and feasibility of implementing a pension | ||
revenue enhancement plan to create an additional source of funding | ||
for the Teacher Retirement System of Texas. | ||
(b) The study must consider: | ||
(1) a pension revenue enhancement plan under which: | ||
(A) a life insurance policy is purchased for | ||
certain members and annuitants of the Teacher Retirement System of | ||
Texas enrolled in the plan; and | ||
(B) the proceeds of the policy are issued to the | ||
retirement system and the member's or annuitant's designated | ||
beneficiary; | ||
(2) methods for financing the pension revenue | ||
enhancement plan, including by: | ||
(A) obtaining a loan from a third-party lender to | ||
pay the life insurance policy premiums; and | ||
(B) establishing a trust fund to retain the | ||
collected proceeds; | ||
(3) eligibility criteria for members and annuitants of | ||
the retirement system to enroll in the plan; and | ||
(4) the process for selecting and appointing, | ||
including eligibility criteria, persons and entities necessary to | ||
administer and implement the plan, including members of a board of | ||
trustees to administer the plan, a person to act as trustee of the | ||
trust fund, a plan manager, a life insurance company, and a premium | ||
finance company. | ||
(c) The joint interim committee is composed of the members | ||
of the pensions, investments, and financial services committee of | ||
the house of representatives and the members of the senate | ||
committee on state affairs. | ||
(d) The chair of the pensions, investments, and financial | ||
services committee of the house of representatives and the chair of | ||
the senate committee on state affairs shall serve as co-chairs of | ||
the joint interim committee. | ||
(e) The joint interim committee shall convene at the call of | ||
the co-chairs. | ||
(f) The joint interim committee has all other powers and | ||
duties provided to a special or select committee by the rules of the | ||
senate and house of representatives, by Subchapter B, Chapter 301, | ||
Government Code, and by policies of the senate and house committees | ||
on administration. | ||
(g) Not later than December 31, 2020, the joint interim | ||
committee shall report the committee's findings and | ||
recommendations to the legislature. | ||
SECTION 2. ABOLITION OF COMMITTEE. The committee is | ||
abolished and this Act expires January 1, 2021. | ||
SECTION 3. EFFECTIVE DATE. This Act takes effect | ||
immediately if it receives a vote of two-thirds of all the members | ||
elected to each house, as provided by Section 39, Article III, Texas | ||
Constitution. If this Act does not receive the vote necessary for | ||
immediate effect, this Act takes effect September 1, 2019. |