| TO: | Honorable Robert Duncan, Chair, Senate Committee on State Affairs |
| FROM: | John S O'Brien, Director, Legislative Budget Board |
| IN RE: | HB2193 by Truitt (Relating to service and qualifications for membership on an advisory committee established by the Employees Retirement System of Texas to provide advice to the board of trustees on investments and investment-related issues.), As Engrossed |
The bill would amend Chapter 815 of the Government Code relating to service and qualifications for membership on an investment advisory committee established by the Employees Retirement System (ERS) to provide advice to the ERS Board of Trustees on investments and investment-related issues. The bill would establish eligibility and ineligibility for membership on the advisory committee. The bill states that to be eligible to serve as a member of an investment advisory committee, a person must be: (a) a person with expertise in the management of a financial institution or other business in which investment decisions are made; or (b) a prominent educator in the field of economics, finance, or another investment-related area. The bill also authorizes the ERS Board of Trustees to prescribe the process for removal of an advisory committee member.
It is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources.
The bill would take effect on September 1, 2011.
| Source Agencies: | 327 Employees Retirement System
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| LBB Staff: | JOB, KJG, AG, MS, DEH
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