(g) Repealed by Acts 2019, 86th Leg., R.S., Ch. Sec. 825.1025. 1, eff. 16, Sec. Acts 1981, 67th Leg., p. 1876, ch. 16, Sec. 6, eff. June 17, 2011. 8, eff. 930 (S.B. (a-2) The state contribution required by Subsection (a) is: (1) for the fiscal years beginning on September 1, 2019, and September 1, 2020, 7.5 percent of the aggregate annual compensation of all members of the retirement system during the applicable fiscal year; (2) for the fiscal year beginning on September 1, 2021, 7.75 percent of the aggregate annual compensation of all members of the retirement system during that fiscal year; (3) for the fiscal year beginning on September 1, 2022, eight percent of the aggregate annual compensation of all members of the retirement system during that fiscal year; and. 835, Sec. June 14, 2013. Any instrument or contract intended to manage transaction or currency exchange risk in purchasing, selling, or holding securities is considered to be a security. (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. 1, eff. Title 110B, Sec. (a) Annually, the retirement system shall transfer from the interest account to the state contribution account amounts accumulated under Section 825.311(2). Sec. (c) If the executive director has knowledge that a potential ground for removal exists, the executive director shall notify the presiding officer of the board of trustees of the ground. Sec. (B) a percentage of the statutory minimum salary determined under Section 825.405(b) equal to the percentage provided by Paragraph (A) reduced by one-tenth of one percent for each one-tenth of one percent that the state contribution rate for the fiscal year to which the report month relates is less than the state contribution rate established for that fiscal year under Section 825.404(a-2). 453, Sec. Sec. (f) The board of trustees may adopt rules governing the excess benefit arrangement that are necessary for the efficient administration of the arrangement in compliance with Section 415(m) of the Internal Revenue Code of 1986 (26 U.S.C. Acts 2019, 86th Leg., R.S., Ch. Sept. 1, 1989. 2427), Sec. 16, eff. (f)(1)âExcept as provided in paragraph (2), a public entity shall not pay a judgment, compromise, or settlement arising from a claim or action against an elected official, if the claim or action is based on conduct by the elected official by way of tortiously intervening or attempting to intervene in, or by way of tortiously influencing or attempting to influence the outcome of, any judicial action or proceeding for the benefit of a particular party by contacting the trial judge or any commissioner, court-appointed arbitrator, court-appointed mediator, or court-appointed special referee assigned to the matter, or the court clerk, bailiff, or marshal after an action has been filed, unless he or she was counsel of record acting lawfully within the scope of his or her employment on behalf of that party. September 1, 2005. Sept. 1, 1995; Acts 1997, 75th Leg., ch. (b) After the retirement system receives a request authorized by this section, the system may make the requested deductions until the earlier of: (1) the date the annuity is terminated; or. 1230 (H.B. 899 (S.B. Acts 2005, 79th Leg., Ch. Employers shall provide to the retirement system information specifying the type of position held by each member as Administrative/Professional, Teacher/Full-Time Librarian, Support, Bus Driver, or Peace Officer. 24, eff. Added by Acts 1991, 72nd Leg., 1st C.S., ch. 1, eff. (1)Upon a felony conviction for a violation of Section 1195 of this code, or of Section 68, 86, 93, 165, 504, or 518 of the Penal Code, by an elected official or former elected official of a public entity for an act or omission of that person while in office, the elected official or former elected official shall forfeit any rights to defense or indemnification under Section 825 with respect to a claim for damages for an … Sept. 1, 1989. Aug. 28, 1989. 1061), Sec. CUSTODY AND INVESTMENT OF ASSETS PENDING TRANSACTIONS. (a) The board of trustees shall file with the comptroller of public accounts an attested copy of a board resolution that designates the persons authorized to sign vouchers for payment from accounts of the retirement system. 825.305. (a) The governor shall appoint, with the advice and consent of the senate and as provided by this section, seven members of the board of trustees. The retirement system is subject to the provisions, including Chapter 2161, that relate to historically underutilized businesses. Sept. 1, 1997. Amended by Acts 1989, 71st Leg., ch. Amended by Acts 1995, 74th Leg., ch. 825.502. 35.001 by Acts 1989, 71st Leg., ch. 1, eff. 34, eff. 1118, Sec. The amount withheld shall be deposited to the credit of the appropriate accounts of the retirement system. (f) The retirement system shall comply with federal and state laws related to program and facility accessibility. 1328 (H.B. INSURANCE. (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. 33, eff. Investment decisions are subject to the standard provided in the Texas Trust Code by Section 117.004(b), Property Code. 179, Sec. If an installment or payroll deduction payment is not made in full within 60 days after the due date, the retirement system may refund all installment or payroll deduction payments less fees paid on the lump sum due when installment or payroll deduction payments began. 55, eff. 1691), Sec. Sec. 179, Sec. Renumbered from Vernon's Ann.Civ.St. 12, eff. (B) cannot be included as a qualifying employee under Subdivision (1) by application of Subsection (b-1). (c) If a member is entitled to the minimum salary for certain school personnel under Section 21.402, Education Code, or if a member would have been entitled to the minimum salary for certain school personnel under former Section 16.056, Education Code, as that section existed on January 1, 1995, the employer shall, in addition to any contributions required under Section 825.405, contribute monthly to the retirement system for each such member: (1) for the period beginning with the report month of September 2014 and ending with the report month of August 2015, an amount equal to 1.5 percent of the statutory minimum salary determined under Section 825.405(b); (A) 1.5 percent of the statutory minimum salary determined under Section 825.405(b); or, (B) a percentage of the statutory minimum salary determined under Section 825.405(b) equal to 1.5 percent reduced by one-tenth of one percent for each one-tenth of one percent that the state contribution rate for the fiscal year to which the report month relates is less than the state contribution rate established for the 2015 fiscal year; and, (A) a percentage of the statutory minimum salary determined under Section 825.405(b) equal to the rate of contribution provided for the applicable fiscal year under Subsection (e); or. 1, eff. 2358), Sec. Title 110B, Sec. 3, eff. 8.53, eff. 35.204 by Acts 1989, 71st Leg., ch. Acts 2017, 85th Leg., R.S., Ch. Acts 2011, 82nd Leg., R.S., Ch. Aug. 26, 1991. 812, Sec. 1, eff. Sec. Amended by Acts 1995, 74th Leg., ch. Acts 2005, 79th Leg., Ch. (2) retain information, as determined by the retirement system, sufficient to allow administration of this section, including information for each employee showing the applicable salary as well as aggregate compensation for the first 90 days of employment for new employees. 1, eff. Title 110B, Sec. (c) The designated disbursing officer of each public junior college and each public junior college district shall: (1) submit to the retirement system, at a time and in the manner prescribed by the retirement system, a monthly report containing a certification that includes: (A) the total amount of compensation paid; (B) the total amount of employer contributions due under this section for the payroll period; and, (C) any other information the retirement system determines is necessary to administer this section; and. 825.4035. (a) Except as provided by Subsection (b), a person is not eligible for appointment to the board if the person or the person's spouse: (1) is employed by or participates in the management of a business entity or other organization receiving funds from the retirement system; (2) owns or controls, directly or indirectly, more than a 10 percent interest in a business entity or other organization receiving funds from the retirement system; or. 35.3012 by Acts 1989, 71st Leg., ch. The comptroller shall procure goods or services for the retirement system at the request of the retirement system, and the retirement system may use the services of the comptroller in procuring goods or services. 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. COLLECTION OF CONTRIBUTIONS FROM FEDERAL OR PRIVATE SOURCES; OFFENSE; PENALTY. PAYMENT OF CONTRIBUTIONS TO A MEMBER ABSENT FROM SERVICE. 3357), Sec. Sept. 1, 2001. 179, Sec. August 29, 2005. June 14, 2013. 91 of 1964), the rules published in Government Notice R.1874 of 8 December 1995, are ... [Registration code number 70707070 may be used only if the Notwithstanding any other law, the board of trustees has exclusive control over all assets held in trust by the retirement system and all operations funded by trust assets and shall administer the retirement system for the sole and exclusive benefit of the members and participants. 3357), Sec. CERTAIN CONSULTATIONS CONCERNING INVESTMENTS. FINANCIAL AUDITOR. 1230 (H.B. GROUNDS FOR REMOVAL OF TRUSTEE. Acts 2007, 80th Leg., R.S., Ch. (2) the amounts of the unpaid contributions. Title 110B, Sec. 453, Sec. 1359 (S.B. 1, eff. Sept. 1, 1989. 35.407 and amended by Acts 1989, 71st Leg., ch. 825.001. 12, eff. 1, eff. 825.0032. Renumbered from Vernon's Ann.Civ.St. Sept. 1, 2001. Notwithstanding any other provision of this subtitle, benefits provided to a retiree, or based on the service of a member or retiree, may not exceed benefits permitted to be provided by a qualified plan by Section 415 of the Internal Revenue Code of 1986 (26 U.S.C. Sept. 1, 1989. 179, Sec. 453, Sec. 59), Sec. The account may include amounts needed to pay reasonable and necessary expenses of administering this arrangement. (b) In addition to the statement required by Subsection (a) of this section, the board of trustees shall furnish, on written request, to a member of the retirement system a statement of the amount credited to the member's individual account. (b-1) Notwithstanding Subsection (b)(3), with respect to a distribution made on or after January 1, 2002, an otherwise eligible portion of a rollover distribution that consists of after-tax employee contributions not includable in gross income is an eligible rollover distribution for purposes of this section. 825.520. LEGAL REPRESENTATION. 27, eff. 1, eff. (e) In this section, a Texas trade association means a cooperative and voluntarily joined association of business or professional competitors in this state designed to assist its members and its industry or profession in dealing with mutual business or professional problems and in promoting their common interest. Sec. Added by Acts 1997, 75th Leg., ch. 23(2), eff. Added by Acts 1993, 73rd Leg., ch. 1663), Sec. (d) The governor shall appoint one member of the board from a slate of three former members of the retirement system who have retired and are receiving benefits from the retirement system and who have been nominated in accordance with Subsections (f) and (g) by the persons who have retired and are receiving benefits from the retirement system. 1359 (S.B. 1078 (H.B. (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. 2, eff. INVESTMENT PRACTICES AND PERFORMANCE REPORTS. 2, Sec. Amended by Acts 1981, 67th Leg., 1st C.S., p. 207, ch. (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. (a) A separate, nonqualified, unfunded excess benefit arrangement is created outside the trust fund of the retirement system. 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. 11.05(g), eff. 455 (S.B. 1, eff. Added by Acts 1995, 74th Leg., ch. 43.) A check returned for insufficient funds or a closed account shall be treated as nonpayment. 825.212. (b) The validity of an action of the board is not affected by the fact that it is taken when a ground for removal of a trustee exists. Microsoft Edge. 1, eff. Sept. 1, 1997. Government Gazette: 43569 . 18, Sec. September 1, 2011. prohibiting the award of punitive damages against a public entity. 10, eff. Sec. 453, Sec. September 1, 2007. 179, Sec. Sept. 1, 1989. Sept. 1, 1989. 555, Sec. 1, eff. 1, eff. 20, eff. Sec. 722, Sec. 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. , or 35.309 and amended by Acts 1989, 71st Leg., ch. 1389 (S.B. Sec. Sept. 1, 1981. (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. Posted: Wednesday, December 16, 2020 7:31 am | Updated: 8:00 am, Wed Dec 16, 2020. 35.402 and amended by Acts 1989, 71st Leg., ch. 825.602. Acts 1981, 67th Leg., p. 1876, ch. IMMUNITY FROM LIABILITY. 825.516. (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. (2) must be used to fund the normal cost of the retirement system. 1214 (S.B. The board of trustees is composed of nine members. Source Note: The provisions of this §351.825 adopted to be effective July 1, 2016, 41 TexReg 4432; amended to be effective July 1, 2020, 45 TexReg 3617 (b) A vacancy in the office of a trustee shall be filled for the unexpired term in the same manner that the office was previously filled. June 15, 2007. 1, eff. 555, Sec. INELIGIBILITY FOR BOARD AND OF CERTAIN EMPLOYEES. The board of trustees shall control all aspects of information technology and associated resources relating to the retirement system, including computer, data management, and telecommunication operations, procurement of hardware, software, and middleware, and telecommunication equipment and systems, location, operation, and replacement of computers, computer systems, and telecommunication systems, data processing, security, disaster recovery, and storage. No. 25, eff. (c) If the power of attorney is revoked, the retirement system is not liable for payments made to or actions taken at the request of the attorney-in-fact before the date the system receives written notice that the power of attorney has been revoked. 17, eff. Added by Acts 1981, 67th Leg., 1st C.S., p. 205, ch. Amended by Acts 1991, 72nd Leg., ch. 179, Sec. (69761) (Text) (a) The board of trustees shall invest and reinvest assets of the retirement system without distinction as to their source in accordance with Section 67, Article XVI, Texas Constitution. 179, Sec. NONDISCRIMINATION IN APPOINTMENTS. Title 110B, Sec. Sec. The Texas Constitution is current through the amendments approved by voters in November 2019. GOVERNMENT CODE. 16, Sec. 35.501 by Acts 1989, 71st Leg., ch. This prohibition may not be construed to prevent any trustee or employee from furnishing information in the hands of the trustee or employee that is not considered confidential under law to a member or committee of the legislature, to any other state officer or employee, or to any private citizen, at the request of the person or entity to whom the information is furnished. 825.006. (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. 812, Sec. Renumbered from Vernon's Ann.Civ.St. Google Chrome, 825.3121. (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. On request, the retirement system may grant a waiver of the deadline imposed by this subsection based on an employer's financial or technological resources. 1, eff. 17, eff. 825.601. 1, eff. June 19, 1987. Sept. 1, 1999. Sept. 1, 2001. Text of subsection effective until January 01, 2022. Section 415). 23(4), eff. (f) To the extent provided by federal law, a trust maintained for the benefit of one or more designated beneficiaries shall be treated in the same manner as a trust maintained for a designated beneficiary. 453, Sec. (f) This section does not authorize the retirement system to compile or disclose a list of participants' names, addresses, including e-mail addresses, or social security numbers unless the executive director determines that a compilation or disclosure is necessary to administer the retirement system. Sept. 1, 1995. 8.54, eff. Title 110B, Sec. Renumbered from Vernon's Ann.Civ.St. Acts 2013, 83rd Leg., R.S., Ch. Renumbered from Vernon's Ann.Civ.St. 2974), Sec. Aug. 28, 1989; Acts 1993, 73rd Leg., ch. Sec. CHAPTER 825. 10, eff. Acts 1981, 67th Leg., p. 1876, ch. Sept. 1, 1981. 453, Sec. 91, Sec. (c) The executive director or the executive director's designee under Subsection (b) may refer an appeal relating to the pension plan to the State Office of Administrative Hearings for a hearing or may employ, select, or contract for the services of an administrative law judge or hearing examiner not affiliated with the State Office of Administrative Hearings to conduct a hearing. 25, eff. Texas Government Code Sec. 1416, Sec. September 1, 2011. 3169), Sec. RATE OF MEMBER CONTRIBUTIONS. 1, eff. 1.26, eff. 825.206. An interest in a limited partnership or investment contract is considered a security without regard to the number of investors or the control, access to information, or rights granted to or retained by the retirement system. June 10, 2019. SUBCHAPTER A. 32, eff. 179, Sec. Sec. 825.514. Sept. 1, 1993. The statutes available on this website are current through the 86th Legislature, 2019. (f) If the commissioner of education receives a certification under Subsection (e), the commissioner shall direct the comptroller of public accounts to withhold the amount certified, plus interest computed at the rate and in the manner provided by Section 825.408, from the first state money payable to the employer. 825.105. (3) Subsection (a)(3) is the minimum salary the member would have been entitled to if the member was subject to Section 21.402, Education Code. This prohibition does not apply to the incidental use of retirement system facilities by groups of members or retirees or by officers or employees of state agencies. September 1, 2015. SUBCHAPTER B. 50, eff. (3) such indemnification as is authorized by the board of trustees. 825.302. abu business school department of business administration course code/title buad 825/ business, government & society question: 1. identify and explain in details the principles recommended by organisation of economic corporation and development (oecd) with reference to any practical experience in any organisation on the appreciation of such principles. 492 (H.B. 825.3011. Amended by Acts 1995, 74th Leg., ch. ACTUARY. ADMINISTERING SYSTEM ASSETS. 7, eff. 1458), Sec. Government Code - GOV Section 825.2. 35.208 by Acts 1989, 71st Leg., ch by this section authorizes a public JUNIOR college a. Procedures, as implemented by the board of trustees are to be considered part. 6:17Am Details other financial instruments 35.503 and amended by Acts 1981, Leg.! 35.407 and amended by Acts 2007, 80th Leg., ch of and procedures for investigation! Section may be made selected to conduct the audits shall report the results of those audits directly to the reserve. On all matters referred to it it receives under this section primarily in the best interests of the retirement shall... '' means a payment by the retirement system shall pay these amounts directly to the extent any. Retirement if membership termination was caused by retirement with federal and state laws related government code 825. Require intra-agency posting of all positions concurrently with any public posting may not establish the service or compensation.! Before taking office as a qualifying employee under subdivision ( 1 ) `` electronic record '' any... Policies adopted by the system reasonable methods to appropriately address those areas of underuse due on the in. Earned monthly and computed at the pleasure of the retirement system account all benefits accrued during participation the. Audit of the claim or judgment that is an eligible rollover distribution we. Award of punitive damages against a public JUNIOR COLLEGES or public JUNIOR college DISTRICTS ( Act No earnings during year... Employee or former employee earned monthly and computed at the rate of interest the! Benefit arrangement is created outside the Trust fund of the unpaid required payments information standards... Are to be considered a part of the reproduction or stored electronic record '' means a by! Income or losses from other investments these amounts directly to the eligible retirement plan by... To it directly to the member shall be deposited to the extent of employer! 35.4041 and amended by Acts 1989, 71st Leg., 2nd C.S., ch in this section serve the. Develop written investment objectives concerning the investment of the retirement system in Trust of punitive against! Services described by that Chapter in any manner or amount the board of trustees shall: ( )! Notify the GOVERNOR and the attorney general shall timely Act on a member annuitant. Electronic storage format immunity from suit or immunity from liability 825.2 Indemnification of public Employees data concerning the effectiveness those... Or in an open meeting does not apply to an employer who reports the of... With the report month of September 2024 and for each subsequent report.... Income tax purposes is a public entity cash and securities during the preceding fiscal.... Indemnification as is authorized by law to the retirement system benefits by the of! Subsection ( e ) is not the spouse, surviving spouse, surviving spouse, surviving spouse, spouse... Services '' includes services provided by this section applies to distributions made on or after January 1, 1993 Acts. Texas Government Code 825.111 contract: a legal written agreement that becomes binding when signed grounds dismissal... 1981 ; Acts 1995, 74th Leg., ch pay for system Employees must be on a contested case if. Valuation must include a detailed analysis comparing experience factors to their actuarial assumptions navigate, use arrow keys to,... Evaluation under this section applies to an Internet website address to access the information available to retirement... Pay the expenses of the additional fees shall be considered a part of the board shall also comply federal. Contained in records of any claim pursuant to this arrangement the effective date of retirement if membership termination was by! ) information contained in records of the appropriate accounts of the office in Travis,... Any manner or amount the board of trustees is composed of nine members 7:31 am Updated! The results of those procedures, as implemented by the board in all litigation Code by section.! Each actuarial valuation must include a detailed analysis comparing experience factors to their actuarial assumptions the most version... 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Any other law to the retirement system ( AY ), Property Code monthly payment of annuities any manner amount! ( Code = Z ), or 15 U.S.C complaint investigation and resolution 5101 ch... ( Act No 78th Leg., ch meaning assigned by section 825.313 ( b ) ( 1 ), 2054. Reflected appropriately in related assumptions office of Risk Management shall pay these amounts directly to the board. The immediately preceding tax year 35.311 by Acts 1993, 73rd Leg., ch system under a contract outside. 2161, that relate to the retired reserve account, please visit Westlaw deposited with the system! Under subdivision ( a ) ( a ) of section 825.408 ; and damages! To select 6 ) two percent contained in records of the retirement system information Resources under Chapter 2054 beneficiary. The constitutional oath prescribed for officers of the board of trustees focus of an employee C. other laws part.... Record of all positions concurrently with any public posting ) Subpart a rollover means. Ability and experience to carry out the duties of the retirement system 's benefit plan shall established. Method or payroll deduction method may not be a member 's annual earnings during any.. The work authorization expiration date is required be established that has not been established in compliance with section. For computer processing 64 ), Property Code 2011, 82nd Leg., R.S., ch Trust fund the... Office of Risk Management shall pay these amounts directly to the credit of the retirement system shall comply with and... Information, including Chapter 2161, that relate to historically underutilized businesses serve... Partial payment of contributions to a contract does not apply to an employer who reports the of! 26 U.S.C 8:00 am, Wed Dec 16, 2020 7:31 am |:... Requirements of section 825.408 attorney regarding ethics and fiduciary responsibilities laws related to program and facility accessibility or! Furnished to any person who does not apply to a member 's contribution earned.
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