Bill Caption

Relating to the operations and functions of the Employees Retirement System of Texas and the sunset review date for, financial management of, and programs administered by the agency.

Fiscal Notes

No significant fiscal implication to the State is anticipated

Bill Analysis

SB 301 would subject the Employees Retirement System to review under a sunset provision, and certain dates would be changed regarding the adoption of tables and rates, actuary functions, and annual reports. This bill would require: board members to complete a training program; the board of trustees to develop policy to encourage appropriate alternative dispute resolution and negotiated rulemaking procedures; and new items to be included in the annual report.

Procedures are created for: the tracking and reporting of profit sharing; approval of certain alternative investments over $100 million; an appeals process of a determination regarding members; and the creation and issuance of a precedent manual. 

Vote Recommendation Notes

The Employees Retirement System (ERS) is a necessary function of government dealing with the benefits and retirement available to state employees. As such, SB 301 upholds our principle of limited government by requiring board members to complete a training program, creating a precedent manual, and requiring board approval before alternative investments can be made. The first two provisions can allow board members to perform their duties more effectively, and the last one creates a check in their procedural system.