Sec. 855.007. MEETINGS. (a) The board of trustees shall hold at least four meetings each year and additional meetings when called by the director.
(b) Before the fifth day preceding the day of a meeting, the director shall give written notice of the meeting to each trustee unless notice is waived.
(c) Except as otherwise provided by this subtitle, Chapter 551, or other law, all meetings of the board must be open to the public.
(d) The board shall hold its meetings in the office of the board or in a place specified by the notice of the meeting.
(e) Notwithstanding Chapter 551 or any other law, the board of trustees may hold an open or closed meeting by telephone conference call, videoconference, or other similar telecommunication method. The board may use a telephone conference call, videoconference, or other similar telecommunication method for purposes of establishing a quorum or voting or for any other meeting purpose in accordance with Subsection (f) and this subsection. This subsection applies without regard to the subject matter discussed or considered by the board at a meeting.
(f) A meeting of the board of trustees held by telephone conference call, videoconference, or other similar telecommunication method:
(1) is subject to the notice requirements applicable to other board meetings;
(2) may not be held unless notice of the meeting specifies the location of the meeting at which at least one trustee of the board will be physically present; and
(3) must be open and audible to the public at the location specified in the notice under Subdivision (2) during the open portions of the meeting.
(g) Chapter 551 does not require the board of trustees to confer with one or more employees, consultants, or legal counsel of the retirement system or with a third party, including representatives of an issuer of restricted securities or a private investment fund, in an open meeting if the only purpose of the conference is to receive information from or question the employees, consultants, or legal counsel of the retirement system or the third party relating to an investment or a potential investment.
(h) The board of trustees or a committee of the board may conduct a closed meeting in accordance with Subchapter E, Chapter 551, with the retirement system's internal or external auditors to discuss:
(1) governance, risk management or internal control weaknesses, known or suspected compliance violations or fraud, status of regulatory reviews or investigations, or identification of potential fraud risk areas and audits for the annual internal audit plan; or
(2) the auditors' ability to perform duties in accordance with the Internal Audit Charter and relevant auditing standards.
(i) Notwithstanding Chapter 551 or any other law, the board of trustees may conduct a closed meeting to consider and discuss:
(1) evaluations or duties of trustees or board consultants; and
(2) self-evaluations of the board as a whole.
(j) Notwithstanding any other law, Chapter 551 does not apply to an assembly of the board of trustees or one of the board's committees while attending a summit, conference, convention, workshop, or other event held for educational purposes if the assembly or committee does not deliberate, vote, or take action on a specific matter of public business or public policy over which the board of trustees or a committee of the board has supervision or control. This subsection does not apply to a meeting of the board of trustees scheduled or called under the board's bylaws.
(k) The board of trustees may adopt rules necessary or desirable to implement this section.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.007 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337), Sec. 17, eff. January 1, 2020.