| (a) 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 (a bank or
a financial institution) 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 governing body
of the PRS 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.
(b) 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subsection (a) of this section and the exemption is no longer applicable,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.
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