Sunset Commission’s Staff Says TRS
Should “Repair Relationship with Members”
A need for the TRS to repair its relationship with its members by focusing on their needs was the No. 1 recommendation in a Texas Sunset Advisory Commission staff report (executive summary/full report) released this month.
The report, for instance, says that TRS has not provided the information and support its members need to be secure in retirement, and supplies members with overly complex explanations, insufficient retirement information and inadequate retirement counseling options.
The report also faults TRS for not providing employers with the resources they need to assist TRS members who often come to them with questions about their benefits.
While not addressing the recent controversy about the TRS leasing a luxury office tower under construction in downtown Austin directly, the report does note that overall, TRS’ recent actions and questionable decisions have made members uncertain of whether the TRS is acting in their best interest or their own.
The report’s three other main recommendations are:
- TRS needs more effective contract management oversight. See related story in this issue.
- TRS would benefit from additional oversight and greater transparency of its investment practices.
- TRS statutes (laws) do not reflect some standard elements of Sunset reviews of other agencies.
Click here for the updates to the Sunset review process for TRS.