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House Bill 1061 |
House Author: Otto |
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Effective: 6-17-11 |
Senate Sponsor: Duncan |
House Bill 1061 amends the Government Code to extend from September 1, 2012, to September 1, 2019, the Teacher Retirement System of Texas (TRS) board of trustees' authority to buy and sell certain types of contracts, options, and financial instruments for the limited purpose of efficiently managing and reducing the risk of the overall investment portfolio. The bill prohibits the TRS board of trustees contracting for investment and management services to be performed on or after September 1, 2019, and limits the retirement system's investment in hedge funds before that date to not more than 10 percent of the value of TRS's total investment portfolio.