Bill Text: TX HB792 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to a moratorium on increases paid to certain employees of and investment managers for the Teacher Retirement System of Texas.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2013-04-15 - No action taken in committee [HB792 Detail]
Download: Texas-2013-HB792-Introduced.html
| 83R4585 SGA-D | ||
| By: Lozano | H.B. No. 792 | |
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| relating to a moratorium on increases paid to certain employees of | ||
| and investment managers for the Teacher Retirement System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter D, Chapter 825, Government Code, is | ||
| amended by adding Section 825.3013 to read as follows: | ||
| Sec. 825.3013. MORATORIUM ON CERTAIN COMPENSATION | ||
| INCREASES AND BONUSES. (a) This section applies only to a person | ||
| who is the executive director of the retirement system, the chief | ||
| investment officer of the retirement system, an investment manager | ||
| in the investment management division of the retirement system, or | ||
| a private professional investment manager to whom the retirement | ||
| system has delegated or may delegate authority under Section | ||
| 825.301 to invest and manage assets of the retirement system. | ||
| (b) Notwithstanding a compensation provision for retirement | ||
| system employees to the contrary, the retirement system may not | ||
| provide a salary increase or bonus of any type to an employee of the | ||
| retirement system described by Subsection (a). | ||
| (c) The retirement system may not renew or enter into a | ||
| contract with a private professional investment manager if the | ||
| contract provides for a bonus or other pay increase based on the | ||
| performance of the investments managed by that person. | ||
| (d) Before this section expires under Subsection (e), the | ||
| retirement system must produce a written report on the amount of the | ||
| cost of living adjustment and the date of the first annuity payments | ||
| that include the adjustment. The report shall be submitted to the | ||
| governor, the lieutenant governor, the speaker of the house of | ||
| representatives, and the standing legislative committees with | ||
| primary jurisdiction over public pension systems. | ||
| (e) This section expires on the 30th day after the date the | ||
| retirement system provides a cost of living adjustment for benefits | ||
| paid under Chapter 824. | ||
| SECTION 2. 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, 2013. | ||
