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7'/(R) SB 522 Enrolled version - Bill Text Page 10 of 12 21-22 21-23 21-24 21-25 21-26 22-1 22-2 29-3 22-4 22-5 22-6 22-7 22-8 22-9 22-10 22-11 22-12 22-13 22-14 22-15 22-16 22-17 22-18 22-19 22-20 22-21 22-22 22-23 22-24 22-25 22-26 23-1 eke rctirce'c ~e~i~nzte~ beneficizr¥. ] When a retiree who receives an annuity under this section dies, an additional benefit may be lpayable under Section 854.502. SECTION 22. Subsection (c), Section 854.305, Government Code, is amended to read as follows: (c) An eligible person may se lect an optional annuity under Section 854.104(c) [ (]) if thc ~e~4~ee ~4~ bC~ 120 --~v~ !l- 2nnuitI. ~2¥/b!e tc eke retiree'~ e~tzte; de~i~n2ted bi' t~e retiree; er ] lifetime]. SECTION 23. Section 854.605, Government Code, is amended by adding Subsection (c) to read as fo llows: (c) If a member or retiree who has designated a beneficiary to receive supplemental death benefits un der Section 854.603 or 854.604 subsequently designates a different beneficiary to receive other benefits under this subtitle in the event of the death of the 23-2 23-3 23-4 23-5 23-6 23-7 23-8 23-9 23-10 23-11 23-12 23-13 23-14 23-15 23-16 23-17 23-18 23-19 23-20 23-21 23-22 23-23 23-24 23-25 23-26 24-1 24-2 24-3 member or retiree, the supplemental death benefits shall be paid to the subsequently designated beneficiary unless the member or retiree contemporaneously or subsequently designates another beneficiary to receive the supplemental death benefit. SECTION 24. Section 855.201, Government Code, is amended to read as follows: Sec. 855.201. EXECUTIVE DIRECTOR. (a) The board of trustees shall appoint an executive [~] director. (b) The executive director shall: (1) manage and administer the retirement system under the supervision and direction of th e board; and (2) invest the assets of the system. (c) The board of trustees ma y delegate to the executive director powers and duties in addit ion to those stated by subsection (b). (d) The executive director annually shall: (1) prepare an itemize d budget showing the amount required to pay the retirement system's expenses for the following fiscal year; and (2) submit the report to the board for review, amendment, and adoption. SECTION 25. Section 855.301, Government Code, is amended by adding Subsection (c) to read as fo llows: (c) The board of trustees, in the exerci se of its discretion to manage the assets of the retirement sy stem, may select one or more commercial banks or other entities experienced in short -term cash management to invest the system's ca sh balances through its short-term investment fund or funds and in such short-term http://www~eapit~.state.tx.us/egi~bin/t~/viewtext.cmd?LEG=77&SESS=R&CHAMBER=L. 1 I/1/2001