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Senate Bill 1447 |
Senate Author: Duncan |
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Effective: 5-17-07 |
House Sponsor: Gattis |
Senate Bill 1447 amends the Government Code to provide additional authority to the Teacher Retirement System of Texas (TRS) to make certain private investments before September 1, 2012. The bill allows the TRS board of trustees to delegate investment authority over a portion of the assets of the retirement trust fund to external managers. Contracts for external management allowed under the provisions of the bill cannot extend past September 1, 2012. Additionally, the bill authorizes the TRS board of trustees to delegate investment authority to TRS staff and allows the trustees to consider certain investment-related matters in closed session. Finally, the bill restricts investments in hedge funds to no more than five percent of the value of the system's investment portfolio.