LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 80TH LEGISLATIVE REGULAR SESSION

April 1, 2007

TO:	Honorable Robert Duncan, Chair, Senate Committee on State Affairs
FROM:	John S. O'Brien, Director, Legislative Budget Board
IN RE:	SB1447 by Duncan (Relating to the investment authority of the Teacher Retirement System of Texas.), As Introduced

No fiscal implication to the State is anticipated.

The bill would provide additional investment authority to the Teacher Retirement System (TRS) by including certain private investments in the definition of "securities." The bill would allow the TRS board of trustees to delegate investment authority to external managers. The bill would clarify that the TRS board of trustees may delegtea investment authority to TRS staff. The bill would allow the TRS board of trustees to consider certain investment-related matters in closed session.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

323 Teacher Retirement System

LBB Staff:

JOB, KJG, UP, JSc