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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring the reporting of certain commissions and fees |
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paid by public retirement systems. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 802.103, Government Code, is amended by |
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amending Subsection (a) and adding Subsection (c) to read as |
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follows: |
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(a) The [Except as provided by Subsection (c), the] |
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governing body of a public retirement system shall publish an |
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annual financial report showing the financial condition of the |
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system as of the last day of the fiscal year covered in the report. |
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The report must include: |
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(1) the financial statements and schedules examined in |
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the most recent audit performed as required by Section 802.102; |
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(2) [and must include] a statement of opinion by the |
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certified public accountant as to whether or not the financial |
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statements and schedules are presented fairly and in accordance |
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with generally accepted accounting principles; and |
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(3) a statement that details the commissions and fees |
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paid by the retirement system to outside consultants other than |
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investment managers during the fiscal year covered by the report. |
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(c) Notwithstanding Sections 801.209 and 802.107, the board |
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and the governing body of a public retirement system shall post the |
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statement required by Subsection (a)(3) on their respective |
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Internet websites. |
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SECTION 2. This Act takes effect September 1, 2019. |