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A BILL TO BE ENTITLED
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AN ACT
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relating to audits of public retirement system actuarial |
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valuations, studies, and reports. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 802, Government Code, is |
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amended by adding Section 802.1012 to read as follows: |
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Sec. 802.1012. AUDITS OF ACTUARIAL VALUATIONS, STUDIES, AND |
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REPORTS. (a) The actuarial valuation, study, and report of each |
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public retirement system required by Section 802.101 or other law |
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under this title or under Title 109, Revised Statutes, must be |
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audited once every five years by an independent actuary who has the |
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credentials required for an actuary under Section 802.101(d). |
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(b) The board shall adopt any rules necessary to implement |
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this section. |
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(c) An exemption under Section 802.002 does not apply to |
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this section. |
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SECTION 2. This Act takes effect September 1, 2007. |