Texas Attorney General Opinion: WW-565 Page: 2 of 7
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Honorable William S. Fly, Honorable William S. Heatley,
page 2, (WW-565)
Section 2 of. Article' 2922- speaks of the "corporate
existence" of the Teachers Retirement: System. It further re-
cites that the Retirement System shall have the power and
privileges of a corporation and shall transact all of its busi-
ness in the name of the Teachers Retirement 'System of Texas.
Section 10 creates and describes the various funds of the Teach-
ers Retirement System including the Expense. Fund from which
all expenses of-administration and maintenance are paid. The
Expense. Fund is constituted by membership payments contributed
annually by each member of the. Retirement System in the amount
of Two and no/100 ($2.00) Dollars, but it is provided that if
the expenses of the State Board of Trustees are in excess of
Two and no/100 ($2.00) Dollars per contributor for the year,
the Board: of Trustees shall transfer to the Expense Fund from
the Interest Fund an amount necessary. to cover the expenses as
estimated; for the year;' but in no event" shall the amount trans-.
ferred exceed in.any. one year Fifty Cents ($.50) per member'
of -record as, of -August. 31 of that year. Seition.12 places the-
general administration and ..responsibility for the proper opera-
tion. of 'the .Retirement System' in a Board of Trustees and fur-
ther authorizes the Board to establish rules and regulations
for the administration .of the funds created by. the .Act. and for
the transaction of its :busine s. This Section -further provides
that:
" . persons engaged by the State Board of
-Trustees, an all other expenses of the, Board
necessary for the operation .of the Retirement Sys-
tem, shall. be paid at such rates ad in-such
amounts. as .the State Board .of. TrusteesL shall ap-
prove, provided that in no.:case shal they be
greater than that'.paid for like or: similar service
of the 'State of Texas."
:Section 13 provides that'the State Board of Trustees
shallbe the truste.s of..the several fung created by the Act
and all securities, modnies, and other. assets of the Retirement
System, and have fulll power to invest and re-invest same sub-
ject to the- limitations and restrictions therein contained.
Sub-section3 of Section.13 reads as follows:.
"The Treasurer of the State of Texas shall be
the custodin of all bonds securities and funds..
All' payments from said funds shall be made by him
on warrants drawn by the State .Comptr.oler of Pub-
lie kMconts supported gi$ upon vouchers signed
by the EWZecutie Secretary of the Retirement Sys-.
tern. 'A duly attested copy of the resolution of the
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Texas. Attorney-General's Office. Texas Attorney General Opinion: WW-565, text, March 6, 1959; (https://texashistory.unt.edu/ark:/67531/metapth267177/m1/2/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.