28 Tex. Admin. Code § 13.555 - Trustees' Responsibility and Authority
(a) Responsible for operations and assets.
Members of the board of trustees are responsible for all operations of the
trust and must take all necessary precautions to safeguard plan
assets.
(b) Contract for plan
administration. Within 12 months of the establishment of the initial board of
trustees, the board of trustees must contract with a third party administrator
to perform the day-to-day operations of the plan.
(c) Insure payment of claims. Within 12
months of the establishment of the initial board of trustees, the board of
trustees, or an approved PEO acting as their agent, will contract for, and pay
for with plan assets, a stop-loss insurance agreement in the name of and for
the benefit of the plan and trust that complies with the requirements of §
13.567 of this title (relating to
Stop-Loss Insurance) to insure payment of all claims arising under the terms of
the plan.
(d) Appointment of
agents. The trustees may appoint agents for the trust as necessary to meet the
obligations of the plan and trust. Each agent may only exercise the authority
and perform the duties required in the management of the trust and the affairs
of the plan that is delegated to them by the board of trustees.
(e) Service without compensation. A member of
the board of trustees serves without compensation except for actual and
necessary expenses.
Notes
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