reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 803 - Proportionate Retirement Program › Subchapter E. Administration › Section 803.401. Administration of Program

Sec. 803.401.  ADMINISTRATION OF PROGRAM.  (a)  The board of trustees of each retirement system to which this chapter applies may adopt rules it finds necessary to implement the proportionate retirement program provided by this chapter.
(b)  Each retirement system to which this chapter applies, under this chapter and other laws governing the particular system, is responsible for determining:
(1)  the eligibility of its members for benefits, including whether sufficient combined service credit exists to qualify members for proportionate retirement benefits from that system;  and
(2)  the amount and duration of proportionate retirement benefits payable by that system.
(c)  Each retirement system to which this chapter applies shall cooperate with the other retirement systems to which this chapter applies in the implementation of the proportionate retirement program.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 13.401 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 131, Sec. 8, eff. Sept. 1, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 803 - Proportionate Retirement Program › Subchapter E. Administration › Section 803.402. Records

Sec. 803.402.  RECORDS.  Except as provided by other law, records of members and beneficiaries of a retirement system to which this chapter applies that are in the custody of any retirement system to which this chapter applies are confidential and not subject to disclosure and are exempt from the public access provisions of Chapter 552.  The records or information in the records may be transferred between retirement systems to which this chapter applies to the extent necessary to administer the proportionate retirement program provided by this chapter.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1989, 71st Leg., ch. 835, Sec. 11, eff. Sept. 1, 1989.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 13.402 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 16, Sec. 11.05(k), eff. Aug. 26, 1991;  Acts 1991, 72nd Leg., ch. 131, Sec. 8, eff. Sept. 1, 1991;  Acts 1995, 74th Leg., ch. 76, Sec. 5.95(96), eff. Sept. 1, 1995;  Acts 1999, 76th Leg., ch. 1541, Sec. 1, eff. Sept. 1, 1999;  Acts 2001, 77th Leg., ch. 1229, Sec. 1, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 804 - Domestic Relations Orders and Spousal Consent › Subchapter A. Qualified Domestic Relations Orders › Section 804.002. Application of Chapters

Sec. 804.002.  APPLICATION OF CHAPTERS.  This subchapter and Subchapter C  apply to each statewide retirement system and to the optional retirement program governed by Chapter 830. This subchapter and Subchapter C also apply to each other public retirement system for which the board of trustees of the system elects to adopt the provisions of this subchapter and Subchapter C. An election under this section must be by order or resolution and need not set out the text of this subchapter or Subchapter C. A board of trustees may not elect to adopt only this subchapter or Subchapter C.
Added by Acts 1991, 72nd Leg., ch. 16, Sec. 11.02(a), eff. Aug. 26, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 804 - Domestic Relations Orders and Spousal Consent › Subchapter A. Qualified Domestic Relations Orders › Section 804.004. Life Annuity or Lump-Sum Payment in Lieu of Benefits Awarded by a Qualified Domestic Relations Order

Sec. 804.004.  LIFE ANNUITY OR LUMP-SUM PAYMENT IN LIEU OF BENEFITS AWARDED BY A QUALIFIED DOMESTIC RELATIONS ORDER.  (a)  The board of trustees of a public retirement system to which this chapter applies may by rule provide that, in lieu of paying an alternate beneficiary the interest awarded by a qualified domestic relations order, the system may pay the alternate beneficiary an amount that is the actuarial equivalent of such interest in the form of:
(1)  an annuity payable in equal monthly installments for the life of the alternate payee;  or
(2)  a lump sum.
(b)  The determination of whether to pay an amount authorized by this section in lieu of the interest awarded by the qualified domestic relations order shall be at the sole discretion of the public retirement system.
(c)  If a public retirement system elects to pay the alternate payee pursuant to this section, the benefit payable by the system to the member, retiree, or beneficiary shall be reduced by the interest in the benefit awarded to the alternate payee by the qualified domestic relations order.
(d)  If the public retirement system pays the alternate payee pursuant to this section, the retirement system shall be entitled to rely on a beneficiary designation or benefit option selection made or changed pursuant to its plan without regard to any domestic relations order.
Added by Acts 1991, 72nd Leg., ch. 16, Sec. 11.02(a), eff. Aug. 26, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 804 - Domestic Relations Orders and Spousal Consent › Subchapter A. Qualified Domestic Relations Orders › Section 804.005. Payment in Certain Circumstances in Lieu of Benefits Awarded by Qualified Domestic Relations Order

Sec. 804.005.  PAYMENT IN CERTAIN CIRCUMSTANCES IN LIEU OF BENEFITS AWARDED BY QUALIFIED DOMESTIC RELATIONS ORDER.  (a)  This section applies only to the Employees Retirement System of Texas and the Teacher Retirement System of Texas.
(b)  A public retirement system to which this section applies shall pay an alternate payee of a member of the retirement system who is described by Subsection (c), if the alternate payee so elects and in lieu of the interest awarded by a qualified domestic relations order on or after January 1, 1985, an amount that is the alternate payee's portion of the actuarial equivalent of the accrued retirement benefit of the member of the retirement system, determined as if the member retired on the date of the alternate payee's election.  The amount becomes payable at the time the actuarial equivalent is determined, and the amount is payable in the form of an annuity payable in equal monthly installments for the life of the alternate payee.
(c)  A member whose benefits are subject to partial payment under this section is one who has not retired from the retirement system, has attained the greater of the age of 62 or normal retirement age and the service requirements for service retirement, and retains credit and contributions in the retirement system attributable to that service.
(d)  If an alternate payee elects to be paid under this section, the retirement system shall reduce the benefit payable by the system to the member or the member's beneficiary by the alternate payee's portion of the actuarial equivalent determined under Subsection (b).
(e)  In determining under Subsection (b) the actuarial equivalent of an accrued retirement benefit, the system shall consider the member's benefit as a normal age standard service retirement annuity, without regard to any optional annuity chosen or beneficiary designated by the member.
(f)  The beginning of monthly payments under this section terminates any interest that the alternate payee who receives the payment might otherwise have in benefits that accrue to the account of the member after the date the initial payment to the alternate payee is made.
(g)  A public retirement system may adopt rules for administration of this section.
Added by Acts 1993, 73rd Leg., ch. 867, Sec. 1, eff. Sept. 1, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 804 - Domestic Relations Orders and Spousal Consent › Subchapter B. Spousal Consent Requirements › Section 804.051. Authority to Require Spousal Consent

Sec. 804.051.  AUTHORITY TO REQUIRE SPOUSAL CONSENT.  A public retirement system may adopt rules to require spousal consent for the selection of a service retirement annuity other than a joint and survivor annuity that pays benefits to the member's spouse on the death of the member or for the selection of a death benefits plan that pays benefits in the form of an annuity to a person other than the member's spouse on the death of the member.
Added by Acts 1991, 72nd Leg., ch. 16, Sec. 11.02(a), eff. Aug. 26, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 804 - Domestic Relations Orders and Spousal Consent › Subchapter C. Termination of Interest in Public Retirement System › Section 804.101. Termination of Interest in Public Retirement System

Sec. 804.101.  TERMINATION OF INTEREST IN PUBLIC RETIREMENT SYSTEM.  The death of an alternate payee as defined in Section 804.001 or the death of a spouse of a member or retiree of a public retirement system to which this chapter applies shall terminate the interest of the alternate payee or spouse in that public retirement system.  This section shall not affect an interest in a public retirement system accrued to an individual as a member of the public retirement system.
Added by Acts 1991, 72nd Leg., ch. 16, Sec. 11.02(a), eff. Aug. 26, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.001. Definitions

Sec. 805.001.  DEFINITIONS.  In this chapter:
(1)  "Employees retirement system" means the Employees Retirement System of Texas.
(2)  "Member" means a person having membership in the employees retirement system or the teacher retirement system under statutes and rules governing membership in the respective systems.
(3)  "Service credit" has the meaning assigned, as applicable, by Section 811.001 or Section 821.001.
(4)  "System" means the employees retirement system or the teacher retirement system.
(5)  "Teacher retirement system" means the Teacher Retirement System of Texas.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.0015. Applicability

Sec. 805.0015.  APPLICABILITY.  This chapter does not apply to a member of the employees retirement system who is subject to Chapter 820.
Added by Acts 2021, 87th Leg., R.S., Ch. 940 (S.B. 321), Sec. 2, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.003. Payments to Reinstate or Purchase Service Credit

Sec. 805.003.  PAYMENTS TO REINSTATE OR PURCHASE SERVICE CREDIT.  The cost of reinstating or purchasing service credit under Section 805.002 is determined according to the statutes that govern the reinstatement or purchase of the type of service credit in the system in which it is to be reinstated or purchased.  All payments for service credit reinstated or purchased under Section 805.002 must be made before retirement or the first payment of a death benefit annuity, as applicable, or before a later date if allowed for members of the retirement system in which the credit is to be reinstated or purchased.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.  Amended by Acts 1995, 74th Leg., ch. 586, Sec. 2, eff. Aug. 28, 1995.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.004. Transfer of Service Credit

Sec. 805.004.  TRANSFER OF SERVICE CREDIT.  (a)  A person who elects to transfer service credit under Section 805.002 shall notify, in the manner required by the system to which the credit will be transferred, the system of the election.  The system shall notify the other system of the election.
(b)  The systems by rule or agreement shall determine the manner in which the service credit is transferred.
(c)  A transfer of service credit under this chapter cancels service credit and, if applicable, membership in the system from which it is transferred.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.005. Applicability of Proportionate Retirement Program

Sec. 805.005.  APPLICABILITY OF PROPORTIONATE RETIREMENT PROGRAM.  An election to transfer service credit under Section 805.002 is an alternative to participation in the program provided by Chapter 803, except that a person having service credit in the employees retirement system, the teacher retirement system, and another public retirement system participating in that program may transfer service credit under this chapter, if eligible, and use the combined service credit for purposes of the program provided by Chapter 803.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.006. Crediting of Transferred Service Credit; Refund

Sec. 805.006.  CREDITING OF TRANSFERRED SERVICE CREDIT;  REFUND.  (a)  Except as provided by Subsections (b) and (c), service credit transferred under this chapter is credited in the system to which it is transferred according to rules of the teacher retirement system determining the amount of service creditable.
(b)  Not more than one month of service credit may be granted for service during that month.
(c)  A person who transfers service credit under this chapter may not receive service credit for all military service performed in an amount that exceeds the maximum amount creditable in the system to which credit is transferred.  A person is eligible for a refund from the system from which credit is transferred under this section of contributions made for military service credit, other than any amount that represents a fee, that exceeds the maximum amount creditable.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.007. Effect of Transfer of Service Credit

Sec. 805.007.  EFFECT OF TRANSFER OF SERVICE CREDIT.  (a)  A person who transfers service credit under this chapter forfeits all rights to benefits payable by the system from which it is transferred and is not an annuitant of that system for any purpose, including the payment of postretirement increases to annuitants of that system.  This subsection does not preclude a person from receiving benefits as a beneficiary of an account not related to the transferred service credit.
(b)  Service credit transferred under this chapter is considered as if it had been granted for service performed under the system to which it has been transferred and is used in satisfying minimum service requirements for retirement and in determining the amount of benefits that are based on the amount of a person's service credit:
(1)  except that a person's average salary for the purpose of computing an annuity may be determined only from service credit that was originally established in one system and that results in the higher average salary;
(2)  except as provided by Section 805.006;  and
(3)  except service credit transferred by a member applying for occupational disability retirement.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.  Amended by Acts 1995, 74th Leg., ch. 586, Sec. 3, eff. Aug. 28, 1995.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 805 - Credit Transfer Between Employees Retirement System of Texas and Teacher Retirement System of Texas › Section 805.009. Rules

Sec. 805.009.  RULES.  In addition to the rules specifically required by this chapter, a system may adopt other rules for the administration of this chapter.
Added by Acts 1993, 73rd Leg., ch. 791, Sec. 2, eff. June 18, 1993.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter A. General Provisions › Section 808.001. Definitions

Sec. 808.001.  DEFINITIONS.  In this chapter:
(1)  "Boycott Israel" means refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations specifically with Israel, or with a person or entity doing business in Israel or in an Israeli-controlled territory, but does not include an action made for ordinary business purposes.
(2)  "Company" means a for-profit sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, or limited liability company, including a wholly owned subsidiary, majority-owned subsidiary, parent company, or affiliate of those entities or business associations that exists to make a profit.
(3)  "Direct holdings" means, with respect to a company, all securities of that company held directly by a state governmental entity in an account or fund in which a state governmental entity owns all shares or interests.
(4)  "Indirect holdings" means, with respect to a company, all securities of that company held in an account or fund, such as a mutual fund, managed by one or more persons not employed by a state governmental entity, in which the state governmental entity owns shares or interests together with other investors not subject to the provisions of this chapter.  The term does not include money invested under a plan described by Section 401(k) or 457 of the Internal Revenue Code of 1986.
(5)  "Listed company" means a company listed by the comptroller under Section 808.051.
(6)  "State governmental entity" means:
(A)  the Employees Retirement System of Texas, including a retirement system administered by that system;
(B)  the Teacher Retirement System of Texas;
(C)  the Texas Municipal Retirement System;
(D)  the Texas County and District Retirement System;
(E)  the Texas Emergency Services Retirement System; and
(F)  the permanent school fund.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter A. General Provisions › Section 808.002. Other Legal Obligations

Sec. 808.002.  OTHER LEGAL OBLIGATIONS.  With respect to actions taken in compliance with this chapter, including all good faith determinations regarding companies as required by this chapter, a state governmental entity and the comptroller are exempt from any conflicting statutory or common law obligations, including any obligations with respect to making investments, divesting from any investment, preparing or maintaining any list of companies, or choosing asset managers, investment funds, or investments for the state governmental entity's securities portfolios.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter A. General Provisions › Section 808.003. Indemnification of State Governmental Entities, Employees, and Others

Sec. 808.003.  INDEMNIFICATION OF STATE GOVERNMENTAL ENTITIES, EMPLOYEES, AND OTHERS.  In a cause of action based on an action, inaction, decision, divestment, investment, company communication, report, or other determination made or taken in connection with this chapter, the state shall, without regard to whether the person performed services for compensation, indemnify and hold harmless for actual damages, court costs, and attorney's fees adjudged against, and defend:
(1)  an employee, a member of the governing body, or any other officer of a state governmental entity;
(2)  a contractor of a state governmental entity;
(3)  a former employee, a former member of the governing body, or any other former officer of a state governmental entity who was an employee, member of the governing body, or other officer when the act or omission on which the damages are based occurred;
(4)  a former contractor of a state governmental entity who was a contractor when the act or omission on which the damages are based occurred; and
(5)  a state governmental entity.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter A. General Provisions › Section 808.004. No Private Cause of Action

Sec. 808.004.  NO PRIVATE CAUSE OF ACTION.  (a)  A person, including a member, retiree, or beneficiary of a retirement system to which this chapter applies, an association, a research firm, a company, or any other person may not sue or pursue a private cause of action against the state, a state governmental entity, a current or former employee, a member of the governing body, or any other officer of a state governmental entity, or a contractor of a state governmental entity, for any claim or cause of action, including breach of fiduciary duty, or for violation of any constitutional, statutory, or regulatory requirement in connection with any action, inaction, decision, divestment, investment, company communication, report, or other determination made or taken in connection with this chapter.
(b)  A person who files suit against the state, a state governmental entity, an employee, a member of the governing body, or any other officer of a state governmental entity, or a contractor of a state governmental entity, is liable for paying the costs and attorney's fees of a person sued in violation of this section.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter A. General Provisions › Section 808.005. Inapplicability of Requirements Inconsistent With Fiduciary Responsibilities and Related Duties

Sec. 808.005.  INAPPLICABILITY OF REQUIREMENTS INCONSISTENT WITH FIDUCIARY RESPONSIBILITIES AND RELATED DUTIES.  A state governmental entity is not subject to a requirement of this chapter if the state governmental entity determines that the requirement would be inconsistent with its fiduciary responsibility with respect to the investment of entity assets or other duties imposed by law relating to the investment of entity assets, including the duty of care established under Section 67, Article XVI, Texas Constitution.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter A. General Provisions › Section 808.006. Reliance on Company Response

Sec. 808.006.  RELIANCE ON COMPANY RESPONSE.  The comptroller and a state governmental entity may rely on a company's response to a notice or communication made under this chapter without conducting any further investigation, research, or inquiry.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.051. Listed Companies

Sec. 808.051.  LISTED COMPANIES.  (a)  The comptroller shall prepare and maintain, and provide to each state governmental entity, a list of all companies that boycott Israel.  In maintaining the list, the comptroller may review and rely, as appropriate in the comptroller's judgment, on publicly available information regarding companies, including information provided by the state, nonprofit organizations, research firms, international organizations, and governmental entities.
(b)  The comptroller shall update the list annually or more often as the comptroller considers necessary, but not more often than quarterly, based on information from, among other sources, those listed in Subsection (a).
(c)  Not later than the 30th day after the date the list of companies that boycott Israel is first provided or updated, the comptroller shall file the list with the presiding officer of each house of the legislature and the attorney general and post the list on a publicly available website.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.052. Identification of Investment in Listed Companies

Sec. 808.052.  IDENTIFICATION OF INVESTMENT IN LISTED COMPANIES.  Not later than the 30th day after the date a state governmental entity receives the list provided under Section 808.051, the state governmental entity shall notify the comptroller of the listed companies in which the state governmental entity owns direct holdings or indirect holdings.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.053. Actions Relating to Listed Company

Sec. 808.053.  ACTIONS RELATING TO LISTED COMPANY.  (a)  For each listed company identified under Section 808.052, the state governmental entity shall send a written notice:
(1)   informing the company of its status as a listed company;
(2)   warning the company that it may become subject to divestment by state governmental entities after the expiration of the period described by Subsection (b); and
(3)  offering the company the opportunity to clarify its Israel-related activities.
(b)  Not later than the 90th day after the date the company receives notice under Subsection (a), the company must cease boycotting Israel in order to avoid qualifying for divestment by state governmental entities.
(c)  If, during the time provided by Subsection (b), the company ceases boycotting Israel, the comptroller shall remove the company from the list maintained under Section 808.051 and this chapter will no longer apply to the company unless it resumes boycotting Israel.
(d)  If, after the time provided by Subsection (b) expires, the company continues to boycott Israel, the state governmental entity shall sell, redeem, divest, or withdraw all publicly traded securities of the company, except securities described by Section 808.055, according to the schedule provided by Section 808.054.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.054. Divestment of Assets

Sec. 808.054.  DIVESTMENT OF ASSETS.  (a)  A state governmental entity required to sell, redeem, divest, or withdraw all publicly traded securities of a listed company shall comply with the following schedule:
(1)  at least 50 percent of those assets must be removed from the state governmental entity's assets under management not later than the 180th day after the date the company receives notice under Section 808.053 or Subsection (b) unless the state governmental entity determines, based on a good faith exercise of its fiduciary discretion and subject to Subdivision (2), that a later date is more prudent; and
(2)  100 percent of those assets must be removed from the state governmental entity's assets under management not later than the 360th day after the date the company receives notice under Section 808.053 or Subsection (b).
(b)  If a company that ceased boycotting Israel after receiving notice under Section 808.053 resumes its boycott, the state governmental entity shall send a written notice to the company informing it that the state governmental entity will sell, redeem, divest, or withdraw all publicly traded securities of the company according to the schedule in Subsection (a).
(c)  Except as provided by Subsection (a), a state governmental entity may delay the schedule for divestment under that subsection only to the extent that the state governmental entity determines, in the state governmental entity's good faith judgment, and consistent with the entity's fiduciary duty, that divestment from listed companies will likely result in a loss in value or a benchmark deviation described by Section 808.056(a).  If a state governmental entity delays the schedule for divestment, the state governmental entity shall submit a report to the presiding officer of each house of the legislature and the attorney general stating the reasons and justification for the state governmental entity's delay in divestment from listed companies.  The report must include documentation supporting its determination that the divestment would result in a loss in value or a benchmark deviation described by Section 808.056(a), including objective numerical estimates.  The state governmental entity shall update the report every six months.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.055. Investments Exempted From Divestment

Sec. 808.055.  INVESTMENTS EXEMPTED FROM DIVESTMENT.  A state governmental entity is not required to divest from any indirect holdings in actively or passively managed investment funds or private equity funds.  The state governmental entity shall submit letters to the managers of each investment fund containing listed companies requesting that they remove those companies from the fund or create a similar actively or passively managed fund with indirect holdings devoid of listed companies.  If a manager creates a similar fund with substantially the same management fees and same level of investment risk and anticipated return, the state governmental entity may replace all applicable investments with investments in the similar fund in a time frame consistent with prudent fiduciary standards but not later than the 450th day after the date the fund is created.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.056. Authorized Investment in Listed Companies

Sec. 808.056.  AUTHORIZED INVESTMENT IN LISTED COMPANIES.  (a)  A state governmental entity may cease divesting from one or more listed companies only if clear and convincing evidence shows that:
(1)  the state governmental entity has suffered or will suffer a loss in the hypothetical value of all assets under management by the state governmental entity as a result of having to divest from listed companies under this chapter; or
(2)  an individual portfolio that uses a benchmark-aware strategy would be subject to an aggregate expected deviation from its benchmark as a result of having to divest from listed companies under this chapter.
(b)  A state governmental entity may cease divesting from a listed company as provided by this section only to the extent necessary to ensure that the state governmental entity does not suffer a loss in value or deviate from its benchmark as described by Subsection (a).
(c)  Before a state governmental entity may cease divesting from a listed company under this section, the state governmental entity must provide a written report to the comptroller, the presiding officer of each house of the legislature, and the attorney general setting forth the reason and justification, supported by clear and convincing evidence, for deciding to cease divestment or to remain invested in a listed company.
(d)  The state governmental entity shall update the report required by Subsection (c) semiannually, as applicable.
(e)  This section does not apply to reinvestment in a company that is no longer a listed company.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter B. Duties Regarding Investments › Section 808.057. Prohibited Investments

Sec. 808.057.  PROHIBITED INVESTMENTS.  Except as provided by Section 808.056, a state governmental entity may not acquire securities of a listed company.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter C. Report; Enforcement › Section 808.101. Report

Sec. 808.101.  REPORT.  Not later than January 5 of each year, each state governmental entity shall file a publicly available report with the presiding officer of each house of the legislature and the attorney general that:
(1)  identifies all securities sold, redeemed, divested, or withdrawn in compliance with Section 808.054;
(2)  identifies all prohibited investments under Section 808.057; and
(3)  summarizes any changes made under Section 808.055.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 808 - Prohibition on Investment in Companies That Boycott Israel › Subchapter C. Report; Enforcement › Section 808.102. Enforcement

Sec. 808.102.  ENFORCEMENT.  The attorney general may bring any action necessary to enforce this chapter.
Added by Acts 2017, 85th Leg., R.S., Ch. 1 (H.B. 89), Sec. 2, eff. September 1, 2017.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter A. General Provisions › Section 809.001. Definitions

Sec. 809.001.  DEFINITIONS.  In this chapter:
(1)  "Boycott energy company" means, without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company:
(A)  engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or
(B)  does business with a company described by Paragraph (A).
(2)  "Company" means a for-profit sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, or limited liability company, including a wholly owned subsidiary, majority-owned subsidiary, parent company, or affiliate of those entities or business associations, that exists to make a profit.
(3)  "Direct holdings" means, with respect to a financial company, all securities of that financial company held directly by a state governmental entity in an account or fund in which a state governmental entity owns all shares or interests.
(4)  "Financial company" means a publicly traded financial services, banking, or investment company.
(5)  "Indirect holdings" means, with respect to a financial company, all securities of that financial company held in an account or fund, such as a mutual fund, managed by one or more persons not employed by a state governmental entity, in which the state governmental entity owns shares or interests together with other investors not subject to the provisions of this chapter.  The term does not include money invested under a plan described by Section 401(k) or 457 of the Internal Revenue Code of 1986.
(6)  "Listed financial company" means a financial company listed by the comptroller under Section 809.051.
(7)  "State governmental entity" means:
(A)  the Employees Retirement System of Texas, including a retirement system administered by that system;
(B)  the Teacher Retirement System of Texas;
(C)  the Texas Municipal Retirement System;
(D)  the Texas County and District Retirement System;
(E)  the Texas Emergency Services Retirement System; and
(F)  the permanent school fund.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter A. General Provisions › Section 809.002. Other Legal Obligations

Sec. 809.002.  OTHER LEGAL OBLIGATIONS.  With respect to actions taken in compliance with this chapter, including all good faith determinations regarding financial companies as required by this chapter, a state governmental entity and the comptroller are exempt from any conflicting statutory or common law obligations, including any obligations with respect to making investments, divesting from any investment, preparing or maintaining any list of financial companies, or choosing asset managers, investment funds, or investments for the state governmental entity's securities portfolios.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter A. General Provisions › Section 809.003. Indemnification of State Governmental Entities, Employees, and Others

Sec. 809.003.  INDEMNIFICATION OF STATE GOVERNMENTAL ENTITIES, EMPLOYEES, AND OTHERS.  In a cause of action based on an action, inaction, decision, divestment, investment, financial company communication, report, or other determination made or taken in connection with this chapter, the state shall, without regard to whether the person performed services for compensation, indemnify and hold harmless for actual damages, court costs, and attorney's fees adjudged against, and defend:
(1)  an employee, a member of the governing body, or any other officer of a state governmental entity;
(2)  a contractor of a state governmental entity;
(3)  a former employee, a former member of the governing body, or any other former officer of a state governmental entity who was an employee, member of the governing body, or other officer when the act or omission on which the damages are based occurred;
(4)  a former contractor of a state governmental entity who was a contractor when the act or omission on which the damages are based occurred; and
(5)  a state governmental entity.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter A. General Provisions › Section 809.004. No Private Cause of Action

Sec. 809.004.  NO PRIVATE CAUSE OF ACTION.  (a)  A person, including a member, retiree, or beneficiary of a retirement system to which this chapter applies, an association, a research firm, a financial company, or any other person may not sue or pursue a private cause of action against the state, a state governmental entity, a current or former employee, a member of the governing body, or any other officer of a state governmental entity, or a contractor of a state governmental entity, for any claim or cause of action, including breach of fiduciary duty, or for violation of any constitutional, statutory, or regulatory requirement in connection with any action, inaction, decision, divestment, investment, financial company communication, report, or other determination made or taken in connection with this chapter.
(b)  A person who files suit against the state, a state governmental entity, an employee, a member of the governing body, or any other officer of a state governmental entity, or a contractor of a state governmental entity, is liable for paying the costs and attorney's fees of a person sued in violation of this section.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter A. General Provisions › Section 809.005. Inapplicability of Requirements Inconsistent With Fiduciary Responsibilities and Related Duties

Sec. 809.005.  INAPPLICABILITY OF REQUIREMENTS INCONSISTENT WITH FIDUCIARY RESPONSIBILITIES AND RELATED DUTIES.  A state governmental entity is not subject to a requirement of this chapter if the state governmental entity determines that the requirement would be inconsistent with its fiduciary responsibility with respect to the investment of entity assets or other duties imposed by law relating to the investment of entity assets, including the duty of care established under Section 67, Article XVI, Texas Constitution.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter A. General Provisions › Section 809.006. Reliance on Financial Company Response

Sec. 809.006.  RELIANCE ON FINANCIAL COMPANY RESPONSE.  The comptroller and a state governmental entity may rely on a financial company's response to a notice or communication made under this chapter without conducting any further investigation, research, or inquiry.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter B. Duties Regarding Investments › Section 809.051. Listed Financial Companies

Sec. 809.051.  LISTED FINANCIAL COMPANIES.  (a)  The comptroller shall prepare and maintain, and provide to each state governmental entity, a list of all financial companies that boycott energy companies.  In maintaining the list, the comptroller may:
(1)  review and rely, as appropriate in the comptroller's judgment, on publicly available information regarding financial companies, including information provided by the state, nonprofit organizations, research firms, international organizations, and governmental entities; and
(2)  request written verification from a financial company that it does not boycott energy companies and rely, as appropriate in the comptroller's judgment and without conducting further investigation, research, or inquiry, on a financial company's written response to the request.
(b)  A financial company that fails to provide to the comptroller a written verification under Subsection (a)(2) before the 61st day after receiving the request from the comptroller is presumed to be boycotting energy companies.
(c)  The comptroller shall update the list annually or more often as the comptroller considers necessary, but not more often than quarterly, based on information from, among other sources, those listed in Subsection (a).
(d)  Not later than the 30th day after the date the list of financial companies that boycott energy companies is first provided or updated, the comptroller shall file the list with the presiding officer of each house of the legislature and the attorney general and post the list on a publicly available Internet website.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle A - Provisions Generally Applicable to Public Retirement Systems › Chapter 809 - Prohibition on Investment in Financial Companies That Boycott Certain Energy Companies › Subchapter B. Duties Regarding Investments › Section 809.052. Identification of Investment in Listed Financial Companies

Sec. 809.052.  IDENTIFICATION OF INVESTMENT IN LISTED FINANCIAL COMPANIES.  Not later than the 30th day after the date a state governmental entity receives the list provided under Section 809.051, the state governmental entity shall notify the comptroller of the listed financial companies in which the state governmental entity owns direct holdings or indirect holdings.
Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.