| (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subsection (a) of this section and the exemption is no longer applicable,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.
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