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A BILL TO BE ENTITLED
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AN ACT
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relating to a biennial report on the investment returns of the |
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Employees Retirement System of Texas and the Teacher Retirement |
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System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 802, Government Code, is |
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amended by adding Section 802.1085 to read as follows: |
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Sec. 802.1085. BIENNIAL REPORT ON INVESTMENT RETURNS OF |
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CERTAIN PUBLIC RETIREMENT SYSTEMS. (a) This section applies only |
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to the: |
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(1) Employees Retirement System of Texas; and |
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(2) Teacher Retirement System of Texas. |
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(b) Not later than December 31 of each even-numbered year, |
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the governing body of a public retirement system shall submit to the |
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governor, the lieutenant governor, and each member of the |
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legislature a report that details and compares the assumed rate of |
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return and the annualized actual time-weighted rate of return |
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achieved by the system for the most recent 1-year, 5-year, 10-year, |
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and 20-year fiscal periods. The report must include: |
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(1) for each period, an estimate of what the market |
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value of the invested assets of the fund would have been as of the |
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most recent fiscal year end had the system achieved the applicable |
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assumed rate of return; and |
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(2) a comparison of each estimate described by |
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Subdivision (1) and the actual market value of the invested assets |
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in the fund as of the most recent fiscal year end. |
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(c) The report required by this section may be combined with |
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any other report required by law. |
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SECTION 2. This Act takes effect September 1, 2021. |