Nolan 'Buzz' Robnett, Chair
Talmadge Heflin, Vice Chair
|• Monitor and oversee legislation enacted during the 72nd Regular and Special Called Sessions that was considered by the Committee on Retirement and Aging; Performance Audit Review Recommendations; and any agency-initiated changes.|
Carry out budget and oversight responsibilities for all agencies, boards, and commissions listed in Rule 3, Section 29.
A. Monitor and oversee documentation of salary increases.
B. Verify the number and status of outcomes and outputs as identified in the Appropriations Bill (HB 1, 72nd Legislature, 1st Called Session).
C. Review agencies' existing performance standards and determine whether new standards are needed.
|• Consider the requirements of appropriate actuarial valuation systems necessary to assure sound retirement programs for the TRS and the ERS.|
|• Consider the fiduciary duty requirement imposed upon the Boards of Trustees of the TRS and the ERS by the Texas Constitution and the U.S. Internal Revenue Code and the nature of the authority necessary to exercise that duty.|
|• Consider the methods of protecting TRS and ERS members from post-retirement increases in the cost of living.|
|• Consider the appropriateness of current statutory restrictions for investment of the Law Enforcement and Custodial Office Supplemental Retirement Fund. Under present law, this fund may be invested only in fixed income securities.|
|• Consider authorizing the ERS to treat the retirement funds it manages as one fund for investment purpose only.|
|• Consider the issue of transferability of retirement service credit between the TRS and the ERS.|
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