Bill Text: TX HB2649 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to requiring the reporting of certain commissions and fees paid by public retirement systems.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-05-06 - Committee report sent to Calendars [HB2649 Detail]
Download: Texas-2019-HB2649-Comm_Sub.html
86R28764 LED-D | |||
By: Flynn | H.B. No. 2649 | ||
Substitute the following for H.B. No. 2649: | |||
By: Wu | C.S.H.B. No. 2649 |
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relating to requiring the reporting of certain commissions and fees | ||
paid by public retirement systems. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 802.103, Government Code, is amended by | ||
amending Subsection (a) and adding Subsection (c) to read as | ||
follows: | ||
(a) The [ |
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governing body of a public retirement system shall publish an | ||
annual financial report showing the financial condition of the | ||
system as of the last day of the fiscal year covered in the report. | ||
The report must include: | ||
(1) the financial statements and schedules examined in | ||
the most recent audit performed as required by Section 802.102; | ||
(2) [ |
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certified public accountant as to whether or not the financial | ||
statements and schedules are presented fairly and in accordance | ||
with generally accepted accounting principles; and | ||
(3) a statement that details the commissions and fees | ||
paid by the retirement system to outside consultants other than | ||
investment managers during the fiscal year covered by the report. | ||
(c) Notwithstanding Sections 801.209 and 802.107, the board | ||
and the governing body of a public retirement system shall post the | ||
statement required by Subsection (a)(3) on their respective | ||
Internet websites. | ||
SECTION 2. This Act takes effect September 1, 2019. |