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House Bill 2656 |
House Author: Miller, Doug et al. |
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Effective: Vetoed |
Senate Sponsor: Duncan et al. |
House Bill 2656 amends the Government Code to increase from seven to eight the number of gubernatorial appointees to the Teacher Retirement System of Texas (TRS) board of trustees by increasing from one to two the number of members who are appointed on the basis of their status as retired TRS members and their nomination for appointment by similarly situated retired TRS members. These two members hold office for staggered terms. The bill also reduces from two to one the number of gubernatorial appointees who are appointed to the board on the basis of their nomination by the State Board of Education.
Reason Given for Veto: 'House Bill No. 2656 decreases the number of Teacher Retirement System (TRS) board members with financial expertise, an inappropriate adjustment in these uncertain economic times.
'The TRS board is responsible for developing the investment policy and making other pension investment decisions on behalf of Texas teachers whose retirement security rests almost entirely with TRS. Because the majority of Texas school districts do not participate in Social Security, many teachers rely on their pension benefits as their sole source of retirement income. The significance and ramifications of the board's decisions on the futures of those who steward our children's education make it imprudent to dilute the board's financial expertise with House Bill No. 2656.'