The ERS Board of Trustees comprises six members. Together, they make key decisions about:
- benefits for employees and retirees of Texas agencies and certain higher education institutions, such as choosing insurers and third-party administrators of benefits plans;
- what the medical and pharmacy benefits plans cover, and what participants pay in premiums and out-of-pocket costs;
- new benefits programs; and
- the budget for ERS operations.
They also oversee certain aspects of the State of Texas Retirement plan and the Texa$averSM 401(k) / 457 Program. Board members serve as trustees for the ERS Retirement Trust Fund, which pays retirees’ annuities from employee and state contributions and investment earnings.
Three trustees are appointed—one each by the Governor, the Speaker of the Texas House of Representatives and the Chief Justice of the Texas Supreme Court—and confirmed by the Texas Senate. ERS members and retirees elect the other three. Both appointed and elected trustees serve staggered six-year terms, with the terms of one appointee expiring on August 31 of each even-numbered year and the term of one elected trustee on August 31 of each odd-numbered year. More information is available in the Texas Administrative Code.