(a) The board of trustees of the Employees Retirement System of Texas, as provided by Subchapter A of Chapter 815, is responsible for the general administration and operation of the retirement system. The board of trustees shall hold all retirement system assets in trust for the exclusive benefit of the members and annuitants of the system and administer all operations funded by trust assets for the same purpose.
(b) The executive director shall recommend to the board of trustees actuarial and other services required to transact the business of the retirement system.

Terms Used In Texas Government Code 840.001

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(c) Annually, the executive director shall prepare an itemized budget showing the amount required to pay the retirement system’s expenses for the following fiscal year and shall submit the budget to the board of trustees for review and adoption.

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