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Senate Bill 1663 |
Senate Author: Huffman |
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Effective: See below |
House Sponsor: Flynn |
Senate Bill 1663 amends the Education Code, Government Code, and Insurance Code to update and clarify provisions relating to benefits from and the administration of the Teacher Retirement System of Texas (TRS) and to update the period during which the board of trustees of TRS is subject to review under the Texas Sunset Act. The bill, among other provisions, clarifies that certain student employees are not eligible for membership in TRS, revises provisions relating to a post-retirement change of an optional annuity selection to a standard retirement annuity, provides the method by which TRS is required to determine whether to reduce the optional retirement annuity paid to certain designated beneficiaries because of early retirement, establishes the circumstances under which a retiree is considered to be employed by a Texas public educational institution for purposes of determining entitlement to retirement benefit payments, and exempts TRS from provisions relating to the benefits of and restrictions on state employees working out of state. Effective June 15, 2017, the bill makes all personal financial disclosures made by TRS employees relating to the TRS ethics policy confidential. The bill also revises procedures for managing TRS assets, provides for the imposition of a late fee on an employer that fails to remit certain member and employer deposits, and alters the composition of the Retirees Advisory Committee. Except as otherwise provided, the bill takes effect September 1, 2017.