Legislative Update: HB 596

TPEA appeared this morning before the House Pensions, Investments, and Financial Services in opposition to HB 596. This bill carves out of the three elected members of the ERS Board of Trustees one position that may be either an active service employee or a retiree. The new structure would apply to the first election for the board that occurs after September 1, 2019. TPEA's letter to the bill author and committee members (a copy of which is posted on the TPEA website) argues that this change will politicize the fiduciary nature of the board's decision-making process by pitting one group of beneficiaries against the other. The bill was left pending before the committee, but could be voted on at any subsequent meeting of the committee.

Read the letter here.