In basic terms, governance is the systems and process that comprise the oversight and control of an organization.[1] At a minimum, good governance generally means decisions are made through processes that are:
The Texas Pension Review Board has created a table showing the contribution and benefit decision-making provisions for public retirement systems. Click here to view the table.
Trustees and administrators of public retirement systems must follow the highest professional and ethical standards to help ensure that assets are safeguarded, promised benefits are delivered and decision-making is fair and equitable. As fiduciaries, trustees and key employees have a legal duty to ensure that certain standards of conduct are met.