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A BILL TO BE ENTITLED
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AN ACT
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relating to a study of certain actuaries that enter into actuarial |
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service contracts with public retirement systems. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. STUDY OF ACTUARIES. (a) The House Pension and |
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Investment Committee shall create a subcommittee to study the |
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impact of actuaries on public pension plans and to develop a plan to |
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minimize problems with actuarial studies. |
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(b) The subcommittee shall collaborate with the public |
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pension plan community and may convene a workgroup as necessary |
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that may include: |
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(1) actuaries specializing in public pensions; |
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(2) public pension fund administrators; |
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(3) public pension plan trustees; |
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(4) representatives of state retirement systems; |
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(5) other representatives the subcommittee determines |
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are necessary. |
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(c) In developing the plan, the subcommittee shall: |
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(1) identify public pension plans that had funding |
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problems related to poor or inaccurate actuarial analysis; |
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(2) identify methods to minimize or eliminate these |
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problems; |
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(3) identify current oversight agencies or |
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organizations related to actuaries; and |
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(4) make recommendations to the legislature on whether |
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there is a need for legislative oversight of actuaries. |
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(d) Not later than November 8, 2008, the subcommittee shall |
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deliver the plan to the House Pensions and Investment Committee. |
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(e) This act expires January 1, 2010. |
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SECTION 2. EFFECTIVE DATE. This Act takes effect September |
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1, 2007. |