Honorable Dan Flynn, Chair, House Committee on Pensions
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3949 by Alonzo (Relating to the composition of the board of trustees of the Teacher Retirement System of Texas.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Government Code to increase the composition of the TRS Board of Trustees from a total of nine to twelve members, would increase the number of governor's appointments to the board from seven to ten, and would amend stipulations on the governor's appointments. Of the ten governor's appointments, the bill would increase the number of appointments who must have financial and business expertise from three to four; would require two members from a slate of four to be current retirees; and would require two from a slate of four to be either from an institution of higher education, from a public education employer, or from among current retired members. The bill specifies that at least one of the appointments of active and retired members required above must be a current or former employee of an institution of higher education.
The bill would take effect immediately if it received a vote of two-thirds of all members of each chamber of the Legislature, or otherwise on September 1, 2017.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.