| TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services |
| FROM: | John S. O'Brien, Director, Legislative Budget Board |
| IN RE: | HB2060 by Gallego (Relating to annual reporting of women and minority participation in the management and investment of the assets of public retirement systems.), As Introduced |
HB 2060 would add a new section to Chapter 802 of the Texas Government Code requiring each public retirement system, in accordance with rules adopted by the PRB, to report on the participation by minority-and women-owned businesses, including financial services firms, expressed as a percentage of total assets under management by outside business entities under contract with the retirement system.
The bill, if enacted, will not have a significant actuarial effect because it does not propose to change the funding or obligations of any public retirement system.
The provisions of this bill will take effect immediately if it receives a vote of two-thirds of all the members elected to each house. If this bill does not receive the vote necessary for immediate effect, it will take effect
| Source Agencies: | 338 Pension Review Board
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| LBB Staff: | JOB, WM
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