Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S. O'Brien, Director, Legislative Budget Board
HB3480 by Truitt (Relating to annuities and investments for certain public employees.), As Introduced
The bill would amend the Civil Statutes requiring the Texas Department of Insurance (TDI) and the State Securities Board to cooperate and provide a quarterly report to the retirement system of any company that violates certification requirements. A company found in violation will have their certification revoked for one year. Additionally, a certified company, an affiliate, or an agent may not enter into or renew a contract for the administration of an educational institution's Section 403(b) retirement plan.
Based on information provided by TDI and the Securities Board, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
312 Securities Board, 454 Department of Insurance
JOB, JRO, MW, ACa