Bill Text: TX HB3662 | 2019-2020 | 86th Legislature | Introduced


Bill Title: Relating to the composition of the board of trustees of the Teacher Retirement System of Texas.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-04-25 - Left pending in committee [HB3662 Detail]

Download: Texas-2019-HB3662-Introduced.html
  86R12697 TSR-F
 
  By: Walle H.B. No. 3662
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the composition of the board of trustees of the Teacher
  Retirement System of Texas.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 825.001, Government Code, is amended to
  read as follows:
         Sec. 825.001.  COMPOSITION OF BOARD OF TRUSTEES. The board
  of trustees is composed of 12 [nine] members.
         SECTION 2.  Section 825.002, Government Code, is amended by
  amending Subsections (a), (b), (d), and (e) and adding Subsection
  (e-2) to read as follows:
         (a)  The governor shall appoint, with the advice and consent
  of the senate and as provided by this section, 10 [seven] members of
  the board of trustees.
         (b)  The governor shall appoint four [three] members of the
  board to hold office for staggered terms, with the term of one
  trustee expiring on August 31 of each odd-numbered year. These
  members must be persons who have demonstrated financial expertise,
  who have worked in private business or industry, and who have broad
  investment experience, preferably in investment of pension funds.
  None of the members appointed under this subsection may be a member
  or annuitant of the retirement system.
         (d)  Subject to Subsection (e-2), the [The] governor shall
  appoint two members [one member] of the board from a slate of four
  [three] former members of the retirement system who have retired
  and are receiving benefits from the retirement system and who have
  been nominated in accordance with Subsections (f) and (g) by the
  persons who have retired and are receiving benefits from the
  retirement system.
         (e)  Subject to Subsection (e-2), the [The] governor shall
  appoint two members [one member] of the board from a slate of four
  [three] persons who have been nominated in accordance with
  Subsection (f) by the following groups collectively:
               (1)  members of the retirement system whose most recent
  credited service was performed for an institution of higher
  education;
               (2)  members of the retirement system whose most recent
  credited service was performed for a public school district,
  charter school, or regional education service center; and
               (3)  persons who have retired and are receiving
  benefits from the retirement system.
         (e-2)  The governor shall ensure that at least one of the
  members appointed under Subsection (d) or (e), as appropriate, is:
               (1)  a former member who retired from an institution of
  higher education; or
               (2)  currently employed by an institution of higher
  education.
         SECTION 3.  (a)  As soon as practicable after the effective
  date of this Act, the governor shall appoint an additional member to
  the board of trustees of the Teacher Retirement System of Texas
  under Section 825.002(b), Government Code, as amended by this Act.
         (b)  Notwithstanding the term of six years stipulated by
  Section 825.004(a), Government Code, as soon as practicable after
  the effective date of this Act, the Teacher Retirement System of
  Texas shall prepare a slate of three nominees and the governor shall
  appoint from that slate an additional member to the board of
  trustees of the Teacher Retirement System of Texas under Section
  825.002(d), Government Code, as amended by this Act, to serve a term
  that expires on a date that preserves the required staggering of
  terms. In making the appointment under this subsection, the
  governor shall ensure that the composition of the board of trustees
  complies with Section 825.002(e-2)(1), Government Code, as added by
  this Act.  Subsequent board of trustee members appointed to that
  position shall serve the six-year term.
         (c)  Notwithstanding the term of six years stipulated by
  Section 825.004(a), Government Code, as soon as practicable after
  the effective date of this Act, the members of the Teacher
  Retirement System of Texas who are described by Sections
  825.002(e)(1)-(3), Government Code, as amended by this Act, shall
  prepare a slate of three nominees and the governor shall appoint
  from that slate an additional member to the board of trustees of the
  Teacher Retirement System of Texas under Section 825.002(e),
  Government Code, as amended by this Act, to serve a term that
  expires on a date that preserves the required staggering of terms.
  In making the appointment under this subsection, the governor shall
  ensure that the composition of the board of trustees complies with
  Section 825.002(e-2)(2), Government Code, as added by this Act.  
  Subsequent board of trustee members appointed to that position
  shall serve the six-year term.
         SECTION 4.  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.
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