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A BILL TO BE ENTITLED
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AN ACT
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relating to the composition of the board of trustees of the Teacher |
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Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 825.002(b) and (d), Government Code, |
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are amended to read as follows: |
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(b) The governor shall appoint two [three] members of the |
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board to hold office for staggered terms that expire [, with the
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term of one trustee expiring] on August 31 of [each] odd-numbered |
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years [year]. These members must be persons who have demonstrated |
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financial expertise, who have worked in private business or |
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industry, and who have broad investment experience, preferably in |
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investment of pension funds. None of the members appointed under |
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this subsection may be a member or annuitant of the retirement |
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system. |
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(d) The governor shall appoint two members [one member] of |
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the board from a slate of four [three] former members of the |
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retirement system who have retired and are receiving benefits from |
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the retirement system and who have been nominated in accordance |
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with Subsections (f) and (g) by the persons who have retired and are |
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receiving benefits from the retirement system. The two members |
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hold office for staggered terms. |
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SECTION 2. (a) Notwithstanding the term of six years |
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stipulated by Section 825.004(a), Government Code, as soon as |
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practicable, the retired former members of the Teacher Retirement |
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System of Texas shall prepare a slate of three nominees and the |
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governor shall appoint from that slate an additional member to the |
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board of trustees of the Teacher Retirement System of Texas under |
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Section 825.002(d), Government Code, as amended by this Act, to |
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serve a term that expires August 31, 2015. Subsequent board of |
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trustee members appointed to that position shall serve the six-year |
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term. |
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(b) The governor may not appoint a successor to a member of |
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the board of trustees of the Teacher Retirement System of Texas who |
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was appointed under Section 825.002(b), Government Code, and whose |
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term expires August 31, 2009. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |