August 23, 2016      4:39 PM
Sunset picks up ERS contracting issues as new benefits contract goes out for bid
Sen. Taylor of Collin raised concerns about a recommendation to provide more transparency around alternative investments, Chair Flynn acknowledged actuarial soundness was a continuing concern
The
review of Sunset Commission recommendations on the Employee Retirement System
veered into investment strategies far more than contracting reforms.
ERS is
not an agency in the rotation for Sunset review. It’s constitutionally created.
Lawmakers added the agency to the queue after the State Auditor’s Office
raised concerns about the selection of United Healthcare as a vendor and
whether it represented the “best value.” That audit, completed at the end of
2014, can be found here.
Last
night’s discussion, which came at the tail end of a lengthy hearing on the Railroad
Commission, tended to focus more on the agency’s investment strategy
than anything else.
By Kimberly Reeves
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