The 81st Texas Legislature
Retirement
House Bill 1191, by Rep. Kino Flores, D-Mission, provides a 90-day window after the date of retirement for a retiree eligible for coverage to select any coverage provided by the Teacher Retirement System of Texas, or during any other open enrollment periods established by rule.
House Bill 1259, by Rep. Lois Kolkhorst, R-Brenham, limits the Teacher Retirement System of Texas board’s authority to employ outside legal counsel to provide services, including ethics and fiduciary responsibilities, to the board except as provided by current law, regardless of the source of funding to pay for those services. The bill requires the attorney general to act in a timely manner on the request to approve a contract for outside legal services. If the attorney general denies the request, that office must provide the reason for the denial and allow for alternative outside legal counsel, subject to its approval.
House Bill 2656, VETOED BY GOV. PERRY by Rep. Doug Miller, R-New Braunfels, reconstitutes the Teacher RetirementSystem of Texas board to include eight members or trustees. The governor shall appoint two members of the board from a slate of three former members of the retirement system who have retired and are receiving benefits and who have been nominated by persons who have retired and are receiving benefits.
The two members shall hold office for staggered terms. The governor shall appoint one member of the board, subject to confirmation by the Texas Senate, from a list submitted by the State Board of Education. This person shall have demonstrated financial expertise, have worked in private business or industry, and have broad investment experience.
House Bill 3347, by Rep. Vicki Truitt, R-Southlake, authorizes the Teacher Retirement System of Texas to make a one time payment to qualified retired public school employees in an amount not to exceed $500. Funding is dependent on a ruling by the Attorney General because this uses federal ARRA stimulus funds.
House Bill 3480, by Rep. Vicki Truitt, R-Southlake, amends current law to expand the types of companies eligible to offer 403(b) retirement accounts that the Teacher Retirement System of Texas certifies. It requires a company contracting with a public school to administer its 403(b) plan to be certified with the Texas Department of Insurance, registered with the State Securities Board or authorized to exercise fiduciary duties by the Department of Banking. It provides authority for TRS to report any complaints made against a company to the appropriate certifying agency.
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