Bill Text: TX HB577 | 2021-2022 | 87th Legislature | Introduced

Texas House Bill 577 (Prior Session Legislation)

Introduced

Bill Title: Relating to establishing a joint interim committee to study the cost-effectiveness and feasibility of implementing a pension revenue enhancement plan for the Teacher Retirement System of Texas.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2021-03-01 - Referred to Pensions, Investments & Financial Services [HB577 Detail]

Download: Texas-2021-HB577-Introduced.html

	87R2015 KFF-D

	By: Stephenson	H.B. No. 577



	A BILL TO BE ENTITLED
	AN ACT
	relating to establishing a joint interim committee to study the
	cost-effectiveness and feasibility of implementing a pension
	revenue enhancement plan for the Teacher Retirement System of
	Texas.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. INTERIM COMMITTEE; STUDY. (a) The joint interim
	committee on a pension revenue enhancement plan for the Teacher
	Retirement System of Texas is established to study and review the
	cost-effectiveness and feasibility of implementing a pension
	revenue enhancement plan to create an additional source of funding
	for the Teacher Retirement System of Texas.
	(b) The study must consider:
	(1) a pension revenue enhancement plan under which:
	(A) a life insurance policy is purchased for
	certain members and annuitants of the Teacher Retirement System of
	Texas enrolled in the plan; and
	(B) the proceeds of the policy are issued to the
	retirement system and the member's or annuitant's designated
	beneficiary;
	(2) methods for financing the pension revenue
	enhancement plan, including by:
	(A) obtaining a loan from a third-party lender to
	pay the life insurance policy premiums; and
	(B) establishing a trust fund to retain the
	collected proceeds;
	(3) eligibility criteria for members and annuitants of
	the retirement system to enroll in the plan; and
	(4) the process for selecting and appointing,
	including eligibility criteria, persons and entities necessary to
	administer and implement the plan, including members of a board of
	trustees to administer the plan, a person to act as trustee of the
	trust fund, a plan manager, a life insurance company, and a premium
	finance company.
	(c) The joint interim committee is composed of the members
	of the committee of the house of representatives having
	jurisdiction over pension systems and the members of the senate
	committee on state affairs.
	(d) The chair of the committee of the house of
	representatives having jurisdiction over pension systems and the
	chair of the senate committee on state affairs shall serve as
	co-chairs of the joint interim committee.
	(e) The joint interim committee shall convene at the call of
	the co-chairs.
	(f) The joint interim committee has all other powers and
	duties provided to a special or select committee by the rules of the
	senate and house of representatives, by Subchapter B, Chapter 301,
	Government Code, and by policies of the senate and house committees
	on administration.
	(g) Not later than December 31, 2022, the joint interim
	committee shall report the committee's findings and
	recommendations to the legislature.
	SECTION 2. ABOLITION OF COMMITTEE. The committee is
	abolished and this Act expires January 1, 2023.
	SECTION 3. EFFECTIVE DATE. This Act takes effect
	immediately if it receives a vote of two-thirds of all the members
	elected to each house, as provided by Section 39, Article III, Texas
	Constitution. If this Act does not receive the vote necessary for
	immediate effect, this Act takes effect September 1, 2021.