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A BILL TO BE ENTITLED
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AN ACT
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relating to a biennial report on the investment returns of the |
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Employees Retirement System of Texas and the Teacher 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. Subchapter B, Chapter 802, Government Code, is |
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amended by adding Section 802.1085 to read as follows: |
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Sec. 802.1085. BIENNIAL REPORT ON INVESTMENT RETURNS OF |
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CERTAIN PUBLIC RETIREMENT SYSTEMS. (a) This section applies only |
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to the: |
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(1) Employees Retirement System of Texas; and |
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(2) Teacher Retirement System of Texas. |
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(b) In November of each even-numbered year, the governing |
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body of a public retirement system shall submit to the governor, the |
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lieutenant governor, and each member of the legislature a report |
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that details and compares the assumed rate of return and the actual |
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rate of return achieved by the system for the most recent 1-year, |
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5-year, 10-year, and 20-year periods. The report must include: |
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(1) an estimate of what the book value of the total |
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assets of the fund would have been for each period had the system |
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achieved the applicable assumed rate of return; and |
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(2) for each period, a comparison of the estimate |
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described by Subdivision (1) and the actual book value of total |
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assets in the fund. |
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(c) The report required by this section may be combined with |
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any other report required by law. |
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SECTION 2. This Act takes effect September 1, 2021. |