Update, Volume 30, Number 4, June/July 2011 Page: (3)
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or who is found incompetent to stand trial.
e Providing Information about a Deceased TRS Participant. When there is no executor or administrator for
the estate of a deceased participant, TRS will have authority to release information about the participant when
the executive director determines the recipient is acting in interest of the participant's estate or an heir of the
participant.
e TRS Board of Trustee Nominating Elections. TRS will have greater flexibility to use electronic voting in
board nominating elections. Also, if fewer than three persons are nominated for a board position that has a nomi-
nating election, TRS may forward fewer than three names to the governor. The bill also authorizes the governor
to appoint the trustee if no person is nominated.
House Bill I - General Appropriations Act (GAA)
For the pension fund, the state contribution rate was lowered from 6.644% to 6.0% in fiscal year 2012; in fiscal
year 2013, the rate will be 6.4%. The member contribution rate remains at 6.4% for both years of the biennium.
For TRS-Care, the retiree health benefits program, the state contribution rate remains at 1% in fiscal year 2012;
it is lowered to 0.5% in fiscal year 2013.
A memorandum announcing the new rate and the affected monthly TRS reports has been placed within the em-
ployers section of the TRS website.
Several GAA riders are important to TRS participants:
" TRS is required to conduct a study of TRS-Care and report to the legislature on potential changes to improve
the program's sustainability.
e The legislature expressed its intent that TRS not increase retiree health insurance premiums for the 2012-
13 biennium. At its June meeting, the TRS Board considered updated financial information and did not raise
TRS-Care premiums for the upcoming school year.
" TRS is required to report to the legislature on the impact of potential changes to the pension plan, including
retirement eligibility, final average salary, benefit multiplier, and the creation of a hybrid defined contribution/
defined benefit retirement plan.
" TRS is authorized to establish a pilot program for TRS participants in the group health benefit programs to
test alternatives to traditional fee-for-service payments.
House Bill 2120 - Board of Trustees "Open" Seat
The current higher education trustee position will now be an "open" seat. TRS retirees, members in public school
districts, and members in higher education institutions may run for nomination to this trustee position in the
next election (2017). The top three vote recipients' names will be submitted to the governor for appointment.
House Bill 1061 - TRS Investments
TRS is authorized to use derivatives in its investment portfolio and to use external managers to invest up to 30%
of the TRS fund until September 1, 2019. TRS is authorized to increase its allocation to hedge funds from 5% to
10% until September 1, 2019.
As soon as new information becomes available, it will be posted to the TRS website. We encourage you to check
the site for periodic updates. An even more convenient option is to sign up for TRS-Connect to receive e-mail
updates. To register, just click on the TRS-Connect link on the right side of the TRS website's homepage (www.
trs.state.tx.us).
TRS offices to close on Independence Day
TRS offices in Austin will be closed on Monday, July 4, in observance of Independence Day.(3)
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Teacher Retirement System of Texas. Update, Volume 30, Number 4, June/July 2011, periodical, June 2011; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654529/m1/3/: accessed June 12, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.