Sunset Commission Fine Tunes ERS, Modifications Available

Sunset Commission has the available ERS decision materials with modifications.

What do I need to know?

• NEW ISSUE. Senator Taylor wants to make sure there is a way to get otherwise confidential retiree information. Currently the information is protected from disclosure.
• MODIFICATION. Chairman Flynn wants to address alternative investment recommendation by:
  • “directing ERS to report the final actual amounts of profit shared for each alternative investment at the conclusion of the investment and
  • direct ERS to make all profit-sharing information readily available on its website “
     
• NEW ISSUE. Sen. Taylor wants 2 taxypaer representatives on the ERS board.
• NEW ISSUE. Chairman FLynn wants to require the Gov. appointee to the ERS baord to be an active retiree with a background in health insurance, employee benefits, investments or a related field
• NEW ISSUE. Sen. Schwertner wants ERS to adjust actuarial assumptions every 4 years instead of every 5 years
• NEW ISSUE. Sen. Schwertner wants ERS Board to approve every investment over $100 million
• NEW ISSUE. Sen. Schwertner wants ERS 2017 audit to include best practices in inesment decision making, including:
  • the composition of its internal investment committees,
  • investment authority,
  • veto authority, and
  • board oversight and use of the Investment Advisory Committee.