Tex.
Gov't Code Section 865.006
General Duties of State Board
(a)
The state board shall employ a certified public accountant, an actuary, and an investment consultant for the fund and may acquire computer, custodial, or investment management services for the fund. The costs of accounting, actuarial, investment consulting, computer, custodial, or investment management services and other administrative expenses may be paid from income earned by investment of the fund. No portion of the corpus or income of the fund may be used for purposes other than the benefit of members, retirees, and their beneficiaries.(b)
The state board shall adopt rules necessary for the administration of the fund. The state board shall adopt rules to provide a proration of the requirements for qualified service for a member who performs service for only a portion of a calendar year and may provide by rule for the manner in which member attendance or training hours are to be computed.(c)
The state board shall develop and implement policies that:(1)
clearly separate the policy-making responsibilities of the state board and the management responsibilities of the executive director and the staff of the pension system; and(2)
provide the public with a reasonable opportunity to appear before the state board and to speak on any issue under the jurisdiction of the state board.(d)
The state board is responsible for seeking and recovering any benefits fraudulently acquired from the pension system. If the state board suspects fraud has occurred, the state board shall notify the appropriate local board and the benefit recipient and hold a hearing to determine whether fraud has occurred. If, after the hearing, the state board determines that benefits from the pension system have been or are being fraudulently acquired, the state board shall seek appropriate relief.
Source:
Section 865.006 — General Duties of State Board, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.865.htm#865.006 (accessed Jun. 5, 2024).
