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The bill would amend the Government Code to make certain technical changes relating to the Internal Revenue Code provisions applicable to the Teacher Retirement System of Texas (TRS). Additionally, the bill would make certain clarifying and administrative changes, including the audit of member records, correction of errors in finance and service credit, changes to post-retirement benefit options, transfer of assets, and limitations on purchase of non-qualified service credit.
Furthermore, the bill would allow the TRS board of trustees to accept gifts, and makes certain changes relating to the open meetings law applicable to the TRS board. The bill would make other changes, such as amending various definitions, pertaining to the TRS provisions in the Education Code and Insurance Code.