78S10731 MMS-D

By:  Armbrister                                                 S.C.R. No. 4  



CONCURRENT RESOLUTION
	WHEREAS, Charles L. Dunlap of Austin is retiring as executive 
director of the Teacher Retirement System of Texas on August 31, 
2003, after rendering outstanding service to that agency; and
	WHEREAS, A native Texan, this distinguished gentleman earned 
a B.B.A. in finance from Texas Tech University and worked for 25 
years in the banking industry before taking the helm of TRS in 
October 1995; and
	WHEREAS, Mr. Dunlap has led TRS during a time of tremendous 
growth; from 1995 to 2002, the system's net assets increased from 
$46 billion to approximately $80 billion; in addition, the number 
of members has grown from 631,000 to 847,000 and the number of 
annuitants, from 138,000 to 201,000; and
	WHEREAS, During his tenure as executive director, that 
expansion has been accompanied by equally dramatic developments 
within the agency; TRS has initiated extensive strategic planning, 
strengthened management controls, and made significant changes in 
investment allocations and procedures; reports prepared by the 
State Auditor's Office have provided unqualified opinions with no 
material findings; and
	WHEREAS, Mr. Dunlap has overseen the implementation of major 
benefit enhancements, the largest in TRS history; these have 
included two increases to the multiplier used to calculate 
retirement annuities, a series of Consumer Price Index catch-up 
annuity increases, the creation of a statewide health care program 
for active public education employees, the setting up of a 
long-term-care insurance option, the establishment of a deferred 
retirement option plan, and the introduction of a partial lump sum 
option; member benefit payments consequently increased from $1.7 
billion in 1995 to $4.6 billion in 2002; and
	WHEREAS, Since he assumed the directorship of TRS, the system 
has further introduced several technological improvements to 
assist both members and their employers; among these have been 
enhancements to the TRS Telephone Counseling Center, the 
introduction of an agency website with on-line account information, 
and the development of an Internet-based employer reporting system; 
and
	WHEREAS, The Teacher Retirement System has gained 
immeasurably from Mr. Dunlap's broad experience, sound judgment, 
and unwavering integrity, and his contributions to that system will 
continue to benefit its members for many years to come; now, 
therefore, be it
	RESOLVED, That the 78th Legislature of the State of Texas, 
1st Called Session, hereby honor Charles L. Dunlap on the occasion 
of his retirement as executive director of the Teacher Retirement 
System of Texas and extend to him sincere appreciation for his 
exceptional leadership; and, be it further
	RESOLVED, That an official copy of this resolution be 
prepared for Mr. Dunlap as an expression of high regard by the Texas 
Senate and House of Representatives.