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A BILL TO BE ENTITLED
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AN ACT
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relating to the investment authority of the Teacher Retirement |
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System of Texas and the Employees Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 815.301, Government Code, is amended by |
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adding Subsections (g) and (h) to read as follows: |
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(g) In awarding contracts to private professional |
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investment managers under Subsection (c) or otherwise acquiring |
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private financial services, the board of trustees shall make a good |
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faith effort to award contracts to or acquire services from |
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qualified emerging fund managers. |
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(h) For purposes of Subsection (g): |
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(1) "Emerging fund manager" means a private |
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professional investment manager that manages assets of not more |
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than $2 billion. |
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(2) "Private financial services" includes pension |
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fund management, consulting, investment advising, brokerage |
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services, hedge fund management, private equity fund management, |
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and real estate investment. |
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SECTION 2. Section 825.301, Government Code, is amended by |
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adding Subsections (f) and (g) to read as follows: |
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(f) In awarding contracts to private professional |
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investment managers under Subsection (a-2) or otherwise acquiring |
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private financial services, the board of trustees shall make a good |
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faith effort to award contracts to or acquire services from |
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qualified emerging fund managers. |
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(g) For purposes of Subsection (f): |
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(1) "Emerging fund manager" means a private |
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professional investment manager that manages assets of not more |
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than $2 billion. |
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(2) "Private financial services" includes pension |
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fund management, consulting, investment advising, brokerage |
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services, hedge fund management, private equity fund management, |
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and real estate investment. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |