40 Tex. Admin. Code § 607.107 - Exemption for Certain System Administrators
(a) For the purposes of this section, an
"outside entity" is a bank or financial institution.
(b) The Board may grant an exemption to a PRS
for certain types of system administrators from the MET requirements on a
case-by-case basis if:
(1) the PRS designates
an outside entity as the system administrator, and the PRS board of trustees or
its designee completes and forwards to the Board a request for exemption on a
form provided by the Board indicating the same; or
(2) the PRS does not have a system
administrator that meets the statutory definition as contained in the Texas
Government Code, §
801.001(3)
and §
802.001(4)
and the PRS board or its designee completes and forwards to the Board a request
for exemption, on a form provided by the Board, certifying that the PRS does
not have a system administrator. The request shall include a statement
affirming that one or more trustees of the PRS are responsible for the duties
of the system administrator and are already subject to the MET
requirements.
(c) If the
Board granted an exemption to a PRS under subsection (a) of this section and
the exemption is no longer applicable, the PRS shall report the same to the
Board, and the exemption shall be revoked.
Notes
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