reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter B. Powers and Duties of Board of Trustees › Section 825.109. Correction of Errors

Sec. 825.109.  CORRECTION OF ERRORS.  If an error in the records of the retirement system results in a person's receiving more or less money than the person is entitled to receive under this subtitle, the board of trustees shall correct the error and so far as practicable shall adjust future payments so that the actuarial equivalent of the benefit to which the person is entitled is paid.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.109 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter B. Powers and Duties of Board of Trustees › Section 825.110. Determination of Annual Compensation

Sec. 825.110.  DETERMINATION OF ANNUAL COMPENSATION.  The board of trustees shall adopt rules to exclude from annual compensation all or part of salary and wages in the final years of a member's employment that reasonably can be presumed to have been derived from a conversion of fringe benefits, maintenance, or other payments not includable in annual compensation to salary and wages.  The board of trustees shall adopt rules that include a percentage limitation on the amount of increases in annual compensation that may be subject to credit and deposit during a member's final years of employment.
Added by Acts 1981, 67th Leg., 1st C.S., p. 205, ch. 18, Sec. 29, eff. Nov. 10, 1981.  Amended by Acts 1985, 69th Leg., ch. 556, Sec. 3, eff. Aug. 26, 1985;  Acts 1989, 71st Leg., ch. 835, Sec. 7, eff. Sept. 1, 1989.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.110 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 16, Sec. 11.05(g), eff. Aug. 26, 1991.
Amended by:
Acts 2005, 79th Leg., Ch. 1359 (S.B. 1691), Sec. 22, eff. September 1, 2005.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter B. Powers and Duties of Board of Trustees › Section 825.111. Management Audit

Sec. 825.111.  MANAGEMENT AUDIT.  (a)  The legislative audit committee may contract with an independent and internationally recognized accounting firm with substantial experience in auditing retirement or pension plans to conduct a managerial audit of the retirement system.
(b)  The state auditor shall pay the costs of each management audit under this section from money appropriated to the state auditor and approved for that purpose by the legislative audit committee.  Not later than the 30th day after the date the retirement system receives a statement of audit costs paid by the state auditor under this subsection, the retirement system shall reimburse the state auditor for the costs from money in the expense account.
(c)  The legislative audit committee may determine the frequency of the audits authorized by this section and may determine the programs and operations to be covered by the audits.  The accounting firm selected to conduct the audits shall report the results of those audits directly to the committee.
(d)  No later than 30 days after the legislative audit committee receives an audit report, the committee shall file a copy of the report with the retirement system, the governor, the lieutenant governor, the speaker of the house of representatives, the State Pension Review Board, the state auditor, and the secretary of state for publication in the Texas Register.
Added by Acts 1991, 72nd Leg., ch. 16, Sec. 11.06(e), eff. Aug. 26, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter B. Powers and Duties of Board of Trustees › Section 825.112. Insurance

Sec. 825.112.  INSURANCE.  Notwithstanding any other law, the board of trustees may self-insure or purchase any insurance, including fiduciary and liability coverage for trust assets or for the trustees, employees, and agents of the board of trustees, in amounts the board of trustees considers reasonable and prudent.
Added by Acts 1991, 72nd Leg., 1st C.S., ch. 13, Sec. 15, eff. Nov. 12, 1991.
Amended by:
Acts 2005, 79th Leg., Ch. 1359 (S.B. 1691), Sec. 23, eff. September 1, 2005.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter B. Powers and Duties of Board of Trustees › Section 825.113. Miscellaneous Board Duties

Sec. 825.113.  MISCELLANEOUS BOARD DUTIES.  (a)  The executive director or the executive director's designee shall provide to its trustees and employees, as often as necessary, information regarding their qualification for office or employment under this chapter and their responsibilities under applicable laws relating to standards of conduct for state officers or employees.
(b)  The board shall develop and implement policies that clearly separate the policy-making responsibilities of the board and the management responsibilities of the executive director and the staff of the retirement system.
(c)  The board shall prepare information of interest to the retirement system's members describing the functions of the system and the system's procedures by which complaints are filed with and resolved by the system.  The system shall make the information available to the system's members and appropriate state agencies.
(d)  The board by rule shall establish methods by which members are notified of the name, mailing address, and telephone number of the retirement system for the purpose of directing complaints to the system.
(e)  The board shall develop and implement policies that provide the public with a reasonable opportunity to appear before the board and to speak on any issue under the jurisdiction of the board.
(f)  The retirement system shall comply with federal and state laws related to program and facility accessibility.  The executive director shall prepare and maintain a written plan that describes how a person who does not speak English can be provided reasonable access to the board's programs.  The board shall also comply with federal and state laws for program and facility accessibility.
(g)  The board of trustees shall implement a policy requiring the retirement system to use appropriate technological solutions to improve the retirement system's ability to perform its functions.  The policy must ensure that the public is able to interact with the retirement system on the Internet.
Added by Acts 1993, 73rd Leg., ch. 812, Sec. 15, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 555, Sec. 37, eff. Sept. 1, 1995.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1230 (H.B. 2427), Sec. 11, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter B. Powers and Duties of Board of Trustees › Section 825.114. Advisory Committees

Sec. 825.114.  ADVISORY COMMITTEES.  (a)  The board of trustees may establish advisory committees as it considers necessary to assist it in performing its duties.  Members of advisory committees established under this section serve at the pleasure of the board.
(b)  Notwithstanding any other law to the contrary, the board of trustees by rule shall determine the amount and manner of any compensation or expense reimbursement to be paid members of an advisory committee performing service for the retirement system for performing the work of the advisory committee.  All compensation and expense reimbursements for an advisory committee established under this section are payable from the expense account or the retired school employees group insurance fund, as applicable.
(c)  Notwithstanding any other law to the contrary, the size and composition of advisory committees created by statute for the retirement system or required by statute to be created by the retirement system are as provided by the statute creating or providing for the creation of the particular committee.
Added by Acts 1993, 73rd Leg., ch. 812, Sec. 15, eff. Sept. 1, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.201. Presiding Officer

Sec. 825.201.  PRESIDING OFFICER.  The governor shall designate a member of the board as the presiding officer of the board to serve in that capacity at the pleasure of the governor.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.201 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1995, 74th Leg., ch. 555, Sec. 39, eff. Sept. 1, 1995.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.202. Executive Director

Sec. 825.202.  EXECUTIVE DIRECTOR.  (a)  The board of trustees, by a majority vote of all members, shall appoint an executive director.
(b)  The executive director may not be a member of the board of trustees.
(c)  To be eligible to serve as the executive director, a person must:
(1)  be a citizen of the United States; and
(2)  have executive ability and experience to carry out the duties of the office.
(d)  The executive director shall recommend to the board actuarial and other services necessary to administer the retirement system.
(e)  Annually, the executive director shall prepare an itemized expense budget for the following fiscal year and shall submit the budget to the board for review and adoption.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.202 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1993, 73rd Leg., ch. 812, Sec. 16, eff. Sept. 1, 1993.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1055 (H.B. 2190), Sec. 1, eff. June 15, 2007.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.203. Legal Representation

Sec. 825.203.  LEGAL REPRESENTATION.  (a)  The attorney general of the state is the legal adviser of the board of trustees.  The attorney general shall represent the board in all litigation.
(b)  The board may not employ outside legal counsel to provide legal services to the retirement system except as provided by this section and Section 402.0212, regardless of the source of funds to be used to pay the outside counsel.  For purposes of this section, "legal services" includes services provided by an attorney regarding ethics and fiduciary responsibilities.
(c)  The attorney general shall timely act on a request to approve a contract for outside legal services under Section 402.0212.  If the attorney general denies the board's request for approval of a contract for outside legal services:
(1)  the attorney general shall provide the board with the reason for the denial; and
(2)  the board may select alternative outside legal counsel, subject to approval by the attorney general in accordance with this section and Section 402.0212.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.203 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 906 (H.B. 1259), Sec. 1, eff. June 19, 2009.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.204. Medical Board

Sec. 825.204.  MEDICAL BOARD.  (a)  The board of trustees shall appoint a medical board composed of three physicians.
(b)  To be eligible to serve as a member of the medical board, a physician must be licensed to practice medicine in this state and be of good standing in the medical profession.  A physician who is eligible to participate in the retirement system may not be a member of the medical board.
(c)  The medical board shall:
(1)  review all medical examinations required by this subtitle;
(2)  investigate essential statements and certificates made by or on behalf of a member of the retirement system in connection with an application for disability retirement;  and
(3)  report in writing to the board of trustees its conclusions and recommendations on all matters referred to it.
(d)  The medical board is not subject to subpoena regarding findings it makes in assisting the executive director or board of trustees under this section, and its members may not be held liable for any opinions, conclusions, or recommendations made under this section.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.204 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1078 (H.B. 3357), Sec. 7, eff. June 14, 2013.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.205. Other Physicians

Sec. 825.205.  OTHER PHYSICIANS.  The board of trustees may employ physicians in addition to the medical board to report on special cases.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.205 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.206. Actuary

Sec. 825.206.  ACTUARY.  (a)  The board of trustees shall designate an actuary as its technical adviser.
(b)  At least once every five years the actuary, on authorization of the board of trustees, shall:
(1)  investigate the mortality, service, and compensation experience of the members and beneficiaries of the retirement system;
(2)  on the basis of the investigation made under Subdivision (1), recommend to the board of trustees tables and rates that are required;  and
(3)  on the basis of tables and rates adopted by the board of trustees under Section 825.105, evaluate the assets and liabilities of the retirement system.
(c)  The board of trustees annually shall evaluate the performance of the actuary during the previous year.  At least once every four years, the board shall redesignate its actuary after advertising for and reviewing proposals from providers of actuarial services.
(d)  Each actuarial experience study must include a review of all actuarial assumptions in light of relevant experience, important trends, and economic projections.  Interrelated actuarial assumptions shall be reviewed carefully to ensure that adjustments in one assumption are reflected appropriately in related assumptions.
(e)  Each actuarial valuation must include a detailed analysis comparing experience factors to their actuarial assumptions.  The analysis shall be developed and reported to identify significant variations in actual experience from what was assumed.  A material variation should be the focus of an actuarial experience study.
(f)  An actuarial audit shall be performed in conjunction with an actuarial experience study or at least once every five years.  The audit must include:
(1)  an analysis of the appropriateness of the actuarial assumptions;
(2)  a review of the assumptions and methodology for compliance with the funding standards;
(3)  verification of demographic data;  and
(4)  confirmation of the valuation results, including a determination of actuarial accrued liability, normal cost, expected employee contributions, and the effects of any recent legislation.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.206 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1993, 73rd Leg., ch. 812, Sec. 17, eff. Sept. 1, 1993;  Acts 1995, 74th Leg., ch. 555, Sec. 40, eff. Sept. 1, 1995;  Acts 1997, 75th Leg., ch. 1416, Sec. 22, eff. Sept. 1, 1997.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 455 (S.B. 1667), Sec. 15, eff. September 1, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.207. Comptroller

Sec. 825.207.  COMPTROLLER.  (a)  Except as provided by Section 825.302 or 825.303 or by Subsection (e) of this section, the comptroller is the custodian of all securities and cash of the retirement system, including securities held in the name of a nominee of the retirement system.
(b)  The comptroller shall pay money from the accounts of the retirement system on warrants drawn by the comptroller and authorized by vouchers signed by the executive director or other persons designated by the board of trustees.
(c)  The comptroller annually shall furnish to the board of trustees a sworn statement of the amount of the retirement system's assets in the comptroller's custody.
(d)  The comptroller is not responsible, under either civil or criminal law, for any action or losses with respect to assets of the retirement system while the assets are in the custody of a commercial bank as provided by Section 825.302 or 825.303 or by Subsection (e) of this section.
(e)  The board of trustees may, in the exercise of its constitutional discretion to manage the assets of the retirement system, select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of all or part of the retirement system's assets.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 205, ch. 18, Sec. 30, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.207 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 5, eff. Aug. 28, 1989;  Acts 1993, 73rd Leg., ch. 812, Sec. 18, eff. Sept. 1, 1993;  Acts 1997, 75th Leg., ch. 1416, Sec. 23, eff. Sept. 1, 1997;  Acts 1997, 75th Leg., ch. 1423, Sec. 8.51, eff. Sept. 1, 1997.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.208. Compensation of Employees; Payment of Expenses

Sec. 825.208.  COMPENSATION OF EMPLOYEES; PAYMENT OF EXPENSES.  (a)  Notwithstanding any other law, the board of trustees shall approve the rate of compensation of all persons it employs and the amounts necessary for other expenses for operation of the retirement system.  If expenditures are paid from money appropriated from the general revenue fund rather than from trust funds, the rates and amounts may not exceed those paid for similar services for the state.
(b)  The retirement system is exempt from Section 651.002, Chapter 660, and Subchapter K, Chapter 659, to the extent the board of trustees determines an exemption is necessary for the performance of fiduciary duties.
(c)  The board of trustees may compensate employees of the retirement system, whether subject to or exempt from the overtime provisions of the Fair Labor Standards Act of 1938 (29 U.S.C. Section 201 et seq.), at the rate equal to the employees' regular rate of pay for work performed on a legal holiday or for other compensatory time accrued, when taking compensatory time off would be disruptive to the system's normal business functions.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.208 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
Amended by:
Acts 2005, 79th Leg., Ch. 1359 (S.B. 1691), Sec. 25, eff. September 1, 2005.
Acts 2017, 85th Leg., R.S., Ch. 930 (S.B. 1663), Sec. 9, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.210. Interest in Investment Profits Prohibited

Sec. 825.210.  INTEREST IN INVESTMENT PROFITS PROHIBITED.  Except for an interest in the retirement assets as a member of the retirement system, a trustee or employee of the board of trustees may not have a direct or indirect interest in the gains from investments made with the system's assets and may not receive any compensation for service other than designated salary and authorized expenses.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.210 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.212. Retirement System Ethics Policy

Sec. 825.212.  RETIREMENT SYSTEM ETHICS POLICY.  (a)  The board of trustees shall adopt a code or codes of ethics, including standards of ethical conduct and disclosure requirements, applicable to:
(1)  trustees;
(2)  employees; and
(3)  any contractors or any categories of contractors that the board of trustees determines provide:
(A)  advice or opinion to the retirement system that is the basis for a significant decision or action by or on behalf of the retirement system; or
(B)  significant services to the retirement system that relate to the administration and operation of the retirement system.
(b)  In any code of ethics adopted under this section, the board of trustees may:
(1)  impose enhanced disclosure requirements on employees that the board of trustees determines exercise significant fiduciary authority;
(2)  impose disclosure requirements on contractors for expenditures on behalf of retirement system trustees or employees in amounts equal to or greater than a minimum amount considered material by the board of trustees; or
(3)  address topics related to ethical conduct, including prohibited conduct, conflicts of interest, waivers of conflicts of interest, remedies for conflicts of interest, and sanctions.
(c)  This chapter modifies the common law of conflict of interests as applied to trustees, employees, and contracts of the retirement system to the extent that violations of the common law of conflict of interests do not void retirement system contracts.  The retirement system shall by rule or policy adopt procedures for disclosing and curing violations of the common law of conflict of interests and any such rule or policy may specify time periods in which disclosures and cures must be completed.
(d)  Notwithstanding any other law, all personal financial disclosures made by employees of the retirement system under this section, including a rule or policy adopted under this section, are confidential and excepted from the requirements of Section 552.021.
(e)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 1078, Sec. 23(2), eff. June 14, 2013.
(f)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 1078, Sec. 23(2), eff. June 14, 2013.
(g)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 1078, Sec. 23(2), eff. June 14, 2013.
(h)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 1078, Sec. 23(2), eff. June 14, 2013.
Added by Acts 1993, 73rd Leg., ch. 812, Sec. 20, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.95(43), (79), eff. Sept. 1, 1995.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1078 (H.B. 3357), Sec. 8, eff. June 14, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 1078 (H.B. 3357), Sec. 23(2), eff. June 14, 2013.
Acts 2017, 85th Leg., R.S., Ch. 930 (S.B. 1663), Sec. 10, eff. June 15, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.213. Employment Practices

Sec. 825.213.  EMPLOYMENT PRACTICES.  (a)  The executive director or the executive director's designee shall develop an intra-agency career ladder program that addresses opportunities for mobility and advancement for employees within the retirement system.  The program shall require intra-agency posting of all positions concurrently with any public posting.
(b)  The executive director or the executive director's designee shall develop a system of annual performance evaluations that are based on documented employee performance.  All merit pay for system employees must be based on the system established under this subsection.
(c)  The executive director or the executive director's designee shall prepare and maintain a written policy statement to assure implementation of a program of equal employment opportunity under which all personnel transactions are made without regard to race, color, disability, sex, religion, age, or national origin.  The policy statement must include:
(1)  personnel policies, including policies relating to recruitment, evaluation, selection, appointment, training, and promotion of personnel that are in compliance with requirements of Chapter 21, Labor Code;
(2)  a comprehensive analysis of the retirement system's work force that meets federal and state guidelines;
(3)  procedures by which a determination can be made about the extent of underuse in the retirement system's work force of all persons for whom federal or state guidelines encourage a more equitable balance;  and
(4)  reasonable methods to appropriately address those areas of underuse.
(d)  A policy statement prepared under Subsection (c) must cover an annual period, be updated annually and reviewed by the Commission on Human Rights for compliance with Subsection (c), and be filed with the governor's office.
(e)  The governor's office shall deliver a biennial report to the legislature based on the information received under Subsection (d).  The report may be made separately or as a part of other biennial reports made to the legislature.
Added by Acts 1993, 73rd Leg., ch. 812, Sec. 20, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 555, Sec. 41, eff. Sept. 1, 1995.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.214. Financial Auditor

Sec. 825.214.  FINANCIAL AUDITOR.  A person employed to perform a financial audit of the retirement system must be selected by and report to the board of trustees.
Added by Acts 1993, 73rd Leg., ch. 812, Sec. 20, eff. Sept. 1, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.215. Advocacy Prohibited

Sec. 825.215.  ADVOCACY PROHIBITED.  (a)  An employee of the retirement system may not advocate increased benefits or engage in activities to advocate or influence legislative action or inaction.  Advocacy or activity of this nature is grounds for dismissal of an employee.
(b)  This section does not prohibit comments by an employee of the retirement system on federal laws, regulations, or other official actions or proposed actions affecting or potentially affecting the retirement system that are made in accordance with policies adopted by the board.
Added by Acts 1995, 74th Leg., ch. 555, Sec. 42, eff. Sept. 1, 1995.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 455 (S.B. 1667), Sec. 16, eff. September 1, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter C. Officers and Employees of Board of Trustees › Section 825.216. Ombudsman

Sec. 825.216.  OMBUDSMAN.  (a)  Subject to Section 825.506, the board of trustees shall designate an ombudsman within the retirement system to assist members and retirees by performing member and retiree protection and advocacy functions, including:
(1)  monitoring the system's interactions with members and retirees;
(2)  receiving  and reviewing complaints from members or retirees;
(3)  taking appropriate action regarding complaints, including conducting investigations of complaints or escalating or reporting complaints to the board;
(4)  informing a member or retiree and the board of the results of the ombudsman's review or investigation of the member's or retiree's complaint; and
(5)  recommending corrective actions to the board as determined necessary by the ombudsman to resolve complaints.
(b)  The ombudsman designated under this section shall regularly submit a report to the board of trustees recommending changes to the retirement system's operations that would benefit members and retirees and increase opportunities for the members and retirees to participate in the system's decisions.
Added by Acts 2021, 87th Leg., R.S., Ch. 141 (H.B. 1585), Sec. 6, eff. May 26, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.3011. Certain Consultations Concerning Investments

Sec. 825.3011.  CERTAIN CONSULTATIONS CONCERNING INVESTMENTS.  (a)  In this section, "private investment fund," "reinvestment," and "restricted securities" have the meanings assigned by Section 552.143.
(b)  Chapter 551 does not require the board of trustees to confer with one or more employees, consultants, or legal counsel of the retirement system or with a third party, including representatives of an issuer of restricted securities or a private investment fund, in an open meeting if the only purpose of the conference is to receive information from or question the employees, consultants, or legal counsel of the retirement system or the third party relating to:
(1)  investment transactions or potential investment transactions if, before conducting the closed meeting, a majority of the board of trustees in an open meeting vote that deliberating or conferring in an open meeting would have a detrimental effect on the position of the retirement system in negotiations with third parties or put the retirement system at a competitive disadvantage in the market; or
(2)  the purchase, holding, or disposal of restricted securities or a private investment fund's investment in restricted securities if, under Section 552.143, the information discussed would be confidential and excepted from the requirements of Section 552.021 if the information was included in the records of a governmental body.
(c)  This section applies notwithstanding Section 825.115.
Added by Acts 2007, 80th Leg., R.S., Ch. 124 (S.B. 1447), Sec. 2, eff. May 17, 2007.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 930 (S.B. 1663), Sec. 11, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.3012. Investment in Certain Hedge Funds Limited

Sec. 825.3012.  INVESTMENT IN CERTAIN HEDGE FUNDS LIMITED.  (a)  For the purposes of this section, "hedge fund" means a private investment vehicle that:
(1)  is not registered as an investment company;
(2)  issues securities only to accredited investors or qualified purchasers under an exemption from registration; and
(3)  engages primarily in the strategic trading of securities and other financial instruments.
(b)  Notwithstanding any provision of Section 825.301, the board of trustees shall determine the maximum percentage of the value of the total investment portfolio of the retirement system that may be invested in hedge funds.
(b-1)  Repealed by Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 2, eff. May 23, 2019.
(c)  The percentage of the value described by Subsection (b) is determined by reference to the value of the total investment portfolio of the retirement system as of the date the retirement system executes the subscription documents for each hedge fund investment.
Added by Acts 2007, 80th Leg., R.S., Ch. 124 (S.B. 1447), Sec. 3, eff. May 17, 2007.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 492 (H.B. 1061), Sec. 2, eff. June 17, 2011.
Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 1, eff. May 23, 2019.
Acts 2019, 86th Leg., R.S., Ch. 126 (H.B. 1612), Sec. 2, eff. May 23, 2019.
Acts 2023, 88th Leg., R.S., Ch. 1093 (S.B. 1246), Sec. 5, eff. June 18, 2023.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.3013. Title-Holding Entities; Investments in Real Property

Sec. 825.3013.  TITLE-HOLDING ENTITIES; INVESTMENTS IN REAL PROPERTY.  (a)  The retirement system may form a title-holding entity for the purpose of investing the retirement system's assets in real property. The title-holding entity must be:
(1)  wholly owned, organized, and controlled by the system; and
(2)  exempt from taxation under Section 501(a), Internal Revenue Code of 1986, as an organization described by Section 501(c) of that code.
(b)  Subject to Subsection (a)(2), a title-holding entity formed under this section may hold title to real property jointly with another person.
(c)  The board of trustees shall adopt policies for the governance, management, and reporting for a title-holding entity formed under this section.
(d)  The following persons may not be employed by, receive compensation from, be a party to a contract with or a direct or indirect financial beneficiary of a contract with, or hold a direct or indirect interest in a title-holding entity formed by the retirement system under this section:
(1)  a trustee or employee of the system; or
(2)  a relative of a trustee or employee of the system within the second degree of consanguinity or affinity, as determined under Chapter 573.
(e)  Chapter 551 and Subtitles D and F, Title 10, do not apply to a title-holding entity formed under this section.
Added by Acts 2023, 88th Leg., R.S., Ch. 1093 (S.B. 1246), Sec. 6, eff. June 18, 2023.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.302. Custody and Investment of Assets Pending Transactions

Sec. 825.302.  CUSTODY AND INVESTMENT OF ASSETS PENDING TRANSACTIONS.  The retirement system may, in the exercise of its constitutional discretion to manage the assets of the retirement system, select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of the system's cash or securities pending completion of an investment transaction and may authorize such custodian to invest the cash so held in such short-term securities as the board of trustees determines.
Added by Acts 1981, 67th Leg., 1st C.S., p. 205, ch. 18, Sec. 31, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.3011 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 6, eff. Aug. 28, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.3021. Appraisal and Sale of Real Property

Sec. 825.3021.  APPRAISAL AND SALE OF REAL PROPERTY.  If the retirement system acquires, through foreclosure or conveyance of deed in lieu of foreclosure, real property assets or stock in an entity the major asset of which is real property, the retirement system shall, not later than the 90th day after the date of acquisition:
(1)  have the real property appraised by an appraiser who is not a trustee or employee of the retirement system and who has received MAI or SRA;
(2)  acquire a foreclosure endorsement to the mortgagee's title insurance policy;  and
(3)  if the real property contains improvements, employ an individual who is not, or a property management company that is not owned by, a trustee or employee of the retirement system and who is, or that employs, a CPM, CAM, or RAM to manage the property.
Added by Acts 1993, 73rd Leg., ch. 812, Sec. 21, eff. Sept. 1, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.303. Securities Custody and Securities Lending

Sec. 825.303.  SECURITIES CUSTODY AND SECURITIES LENDING.  (a)  The retirement system may, in the exercise of its constitutional discretion to manage the assets of the retirement system, select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of the system's securities and to lend the securities under rules adopted by the board of trustees and as required by this section.  The retirement system may select one or more commercial banks, depository trust companies, or other entities to act independently of the custodian and lend the securities under board rules and as required by this section.
(b)  To be eligible to lend securities under this section, a bank or brokerage firm must:
(1)  be experienced in the operation of a fully secured securities loan program;
(2)  maintain adequate capital in the prudent judgment of the retirement system to assure the safety of the securities;
(3)  execute an indemnification agreement satisfactory in form and content to the retirement system fully indemnifying the retirement system against loss resulting from borrower default or the failure of the bank or brokerage firm to properly execute the responsibilities of the bank or brokerage firm under the applicable securities lending agreement;
(4)  require any securities broker or dealer to whom it lends securities belonging to the retirement system to deliver to and maintain with the custodian collateral in the form of cash or government securities eligible for book entry in either the Federal Reserve System or the Participants Trust Company, in an amount equal to not less than 100 percent of the market value, from time to time, of the loaned securities;  and
(5)  comply with guidelines the board of trustees may adopt concerning the investment of cash collateral, borrower limits, and other items.
Added by Acts 1981, 67th Leg., 1st C.S., p. 205, ch. 18, Sec. 31, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.3012 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 7, eff. Aug. 28, 1989;  Acts 1993, 73rd Leg., ch. 812, Sec. 22, eff. Sept. 1, 1993;  Acts 1999, 76th Leg., ch. 1540, Sec. 18, 19, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.304. Nominee to Hold Securities

Sec. 825.304.  NOMINEE TO HOLD SECURITIES.  (a)  The assets of the retirement system may be held in the name of agents, nominees, depository trust companies, or other entities designated by the board of trustees.
(b)  The records and all relevant reports or accounts of the retirement system must show the ownership interest of the retirement system in these assets and the facts regarding the system's holdings.
(c)  A trustee or employee of the retirement system shall have no personal economic interest in any entity listed in Subsection (a), but shall undertake such action and duties with respect to these entities as the board of trustees determines to be in the interest of the retirement system.  This subsection does not prohibit:
(1)  an interest in the assets as a member of the retirement system;
(2)  the right to receive expense reimbursements at the same rate that the board member or employee would have received as a board member or employee;  and
(3)  such indemnification as is authorized by the board of trustees.
(d)  The records of an agent, nominee, or other entity that are maintained by the retirement system are subject to audit by the state auditor.
Added by Acts 1981, 67th Leg., 1st C.S., p. 205, ch. 18, Sec. 31, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.3013 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 8, eff. Aug. 28, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.305. Available Cash

Sec. 825.305.  AVAILABLE CASH.  The board of trustees may keep on deposit with the comptroller available cash not exceeding 10 percent of the total assets of the retirement system, to pay annuity and other disbursements.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.302 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 8.53, eff. Sept. 1, 1997.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.306. Crediting System Assets

Sec. 825.306.  CREDITING SYSTEM ASSETS.  (a)  The assets of the retirement system shall be maintained and reported in a manner that reflects the source of the assets or the purpose for which the assets are held, using appropriate ledgers and subledgers, in accordance with generally accepted accounting principles prescribed by the Governmental Accounting Standards Board or its successor.  In addition, the maintenance and reporting of the assets must be in compliance with applicable tax law and consistent with any fiduciary duty owed with respect to the trust.  In the alternative, the assets may be credited, according to the purpose for which they are held, to one of the following accounts:
(1)  member savings account;
(2)  state contribution account;
(3)  retired reserve account;
(4)  interest account;
(5)  expense account; or
(6)  deferred retirement option account.
(b)  Notwithstanding any other law, a requirement to deposit in or transfer assets from one of the accounts described under Subsection (a) is satisfied by maintaining and reporting the assets in accordance with that subsection.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.303 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1995, 74th Leg., ch. 555, Sec. 43, eff. Sept. 1, 1995;  Acts 1997, 75th Leg., ch. 1416, Sec. 26, eff. Sept. 1, 1997.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 930 (S.B. 1663), Sec. 12, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.308. State Contribution Account

Sec. 825.308.  STATE CONTRIBUTION ACCOUNT.  The retirement system shall deposit in the state contribution account:
(1)  all state contributions to the retirement system required by Section 825.404;
(2)  amounts from the interest account as provided by Section 825.313(b)(2);
(3)  retirement annuities waived or forfeited in accordance with Section 824.601 or 824.004;
(3-a)  retiree earnings described by Section 824.601(b-3)(2)(B)(i) that have been paid to the system;
(4)  fees collected under Section 825.403(h);
(5)  fees and interest for reinstatement of service credit or establishment of membership service credit as provided by Section 823.501;
(6)  the portion of a deposit required by Section 823.302 to establish military service credit that represents a fee; and
(7)  employer contributions required under Section 825.4092.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 207, ch. 18, Sec. 32, eff. Nov. 10, 1981;  Acts 1985, 69th Leg., ch. 832, Sec. 7, eff. June 15, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.305 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 2001, 77th Leg., ch. 1229, Sec. 16, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 1359 (S.B. 1691), Sec. 27, eff. September 1, 2005.
Acts 2021, 87th Leg., R.S., Ch. 141 (H.B. 1585), Sec. 7, eff. May 26, 2021.
Acts 2021, 87th Leg., R.S., Ch. 511 (S.B. 288), Sec. 3, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.309. Retired Reserve Account

Sec. 825.309.  RETIRED RESERVE ACCOUNT.  (a)  The retirement system shall transfer to the retired reserve account:
(1)  from the member savings account, an amount equal to the accumulated contributions in a member's individual account when the member retires or when the retirement system approves the payment of any benefit authorized under this subtitle on the member's retirement or death;
(2)  from the state contribution account, an amount certified by the actuary or determined under actuarial tables adopted by the board of trustees pursuant to Section 825.105 as necessary to provide for the payment of the benefit as it becomes due;  and
(3)  from the interest account, the amount required by Section 825.313(b)(1).
(b)  The retirement system shall use money in the retired reserve account to pay all retirement annuities and all death or survivor benefits, including postretirement benefit increases and other adjustments to annuities.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1987, 70th Leg., ch. 61, Sec. 8, eff. Aug. 31, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.306 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1995, 74th Leg., ch. 555, Sec. 44, eff. Sept. 1, 1995;  Acts 1999, 76th Leg., ch. 1118, Sec. 4, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle C - Teacher Retirement System of Texas › Chapter 825 - Administration › Subchapter D. Management of Assets › Section 825.311. Interest Account

Sec. 825.311.  INTEREST ACCOUNT.  In the interest account the retirement system shall:
(1)  deposit all income, interest, and dividends from deposits and investments of assets of the retirement system;
(2)  accumulate net capital gains and losses resulting from the sale, call, maturity, conversion, or recognition of changes in carrying values of investments of the retirement system;  and
(3)  accumulate net income or losses from other investments.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 35.308 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1993, 73rd Leg., ch. 812, Sec. 23, eff. Sept. 1, 1993.