40 TAC §605.3
The State Pension Review Board hereby proposes a new section
requiring public pension systems to include certain forms with its submissions
of other information to the Board. The forms will assist the Board in efficiently
determining the actuarial soundness and current financial condition of public
retirement systems.
This rule is adopted to comply with Texas Government Code, §802.201(c)(2)
which requires the Board to require public retirement systems to complete
and submit the standard forms.
Mr. Jesse Ayala, Chief Accountant, has determined that for the first five
years the rule is in effect, there will be no fiscal impact to the state or
local governments as a result of administering and enforcing the proposed
new rule.
Mr. Ayala also has determined that for each year of the first five years
the sections are in effect the public benefit anticipated as a result of enforcing
the sections will be standardization and efficiency of reporting functions
of public retirement systems. There will be no effect on small or micro businesses.
There are no anticipated economic costs to persons who are required to comply
with the sections as proposed.
Comments on the proposed new rule may be submitted to Lynda Baker, State
Pension Review Board, via mail to P.O. Box 13498, Austin, Texas 78711, or
electronically to prb@prb.state.tx.us no later than 5:00 p.m. CST within 30
days after publication.
The new rule is proposed pursuant to the authority provided under
Texas Government Code §801.201(a) and (c) which provide as follows: §801.201(a)
requires the board to adopt rules for the conduct of its business; and §801.201(c)
(2) requires the board, by rule, to require a retirement system to include
the standard forms with information required for the Board to conduct a review
or study described in Texas Government Code §801.202(1) or (2).
§605.3.Submission of Forms.
(a)
A public retirement systems must complete and submit to
the Board the standard forms identified as Form numbers PRB-100, PRB-200,
PRB-300, and PRB-400 in §605.1 regarding adoption of standard forms.
(b)
The public system must submit the forms with the information
the system submits to the Board as a result of reviews and studies conducted
by the Board regarding the actuarial soundness and current financial condition
of the fund the system administers.
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal authority to adopt.
Filed with the Office of
the Secretary of State on February 3, 2003.
TRD-200300827
Lynda Baker
Executive Assistant
State Pension Review Board
Earliest possible date of adoption: March 16, 2003
For further information, please call: (512) 463-1736