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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 Employees Retirement |
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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(h)(1), Government Code, is |
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amended to read as follows: |
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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 $5 [$2] billion. |
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SECTION 2. The change in law made by this Act applies only |
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to a contract between the board of trustees of the Employees |
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Retirement System of Texas and an emerging fund manager under |
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Section 815.301(c), Government Code, that is awarded on or after |
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the effective date of this Act. A contract awarded before the |
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effective date of this Act is governed by the law in effect on the |
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date the contract was awarded, and that law is continued in effect |
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for that purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |