Bill Text: TX SB1344 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to reporting on investments by certain public retirement systems.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-14 - Referred to State Affairs [SB1344 Detail]
Download: Texas-2017-SB1344-Introduced.html
| 85R3356 KFF-F | ||
| By: Taylor of Collin | S.B. No. 1344 | |
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| relating to reporting on investments by certain public retirement | ||
| systems. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 802.002(a), Government Code, is amended | ||
| to read as follows: | ||
| (a) Except as provided by Subsection (b), the Employees | ||
| Retirement System of Texas, the Teacher Retirement System of Texas, | ||
| the Texas County and District Retirement System, the Texas | ||
| Municipal Retirement System, and the Judicial Retirement System of | ||
| Texas Plan Two are exempt from Sections 802.101(a), 802.101(b), | ||
| 802.101(d), 802.102, 802.103(a), 802.103(b), 802.109, 802.2015, | ||
| 802.2016, 802.202, 802.203, 802.204, 802.205, 802.206, and | ||
| 802.207. The Judicial Retirement System of Texas Plan One is exempt | ||
| from all of Subchapters B and C except Sections 802.104 and 802.105. | ||
| The optional retirement program governed by Chapter 830 is exempt | ||
| from all of Subchapters B and C except Section 802.106. | ||
| SECTION 2. Section 802.108, Government Code, is amended by | ||
| adding Subsection (d) to read as follows: | ||
| (d) For purposes of determining investment returns under | ||
| this section, a public retirement system may not report all | ||
| investment income, including any interest, dividends, capital | ||
| gains, or other income, earned from an investment instrument in a | ||
| single year if the investment instrument is held for a period beyond | ||
| that single year. A public retirement system shall report | ||
| investment income earned from an investment instrument in the year | ||
| in which the income is earned. | ||
| SECTION 3. Subchapter B, Chapter 802, Government Code, is | ||
| amended by adding Section 802.109 to read as follows: | ||
| Sec. 802.109. INVESTMENT PRACTICES AND PERFORMANCE | ||
| REPORTS. (a) At least once every four years, a public retirement | ||
| system shall select an independent firm with substantial experience | ||
| in evaluating institutional investment practices and performance | ||
| to evaluate the retirement system's investment practices and | ||
| performance. | ||
| (b) A public retirement system shall pay the costs of each | ||
| evaluation of the system under this section. | ||
| (c) A report of an evaluation under this section must be | ||
| filed with the governing body of the public retirement system and | ||
| the board. The report must include a listing of all commissions and | ||
| fees paid by the public retirement system during the reporting | ||
| period for the sale, purchase, or management of system assets. | ||
| SECTION 4. This Act takes effect September 1, 2017. | ||
