87R2487 KFF-D
 
  By: Schwertner S.B. No. 483
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a biennial report on the investment returns of the
  Employees Retirement System of Texas and the Teacher Retirement
  System of Texas.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 802, Government Code, is
  amended by adding Section 802.1085 to read as follows:
         Sec. 802.1085.  BIENNIAL REPORT ON INVESTMENT RETURNS OF
  CERTAIN PUBLIC RETIREMENT SYSTEMS. (a) This section applies only
  to the:
               (1)  Employees Retirement System of Texas; and
               (2)  Teacher Retirement System of Texas.
         (b)  In November of each even-numbered year, the governing
  body of a public retirement system shall submit to the governor, the
  lieutenant governor, and each member of the legislature a report
  that details and compares the assumed rate of return and the actual
  rate of return achieved by the system for the most recent 1-year,
  5-year, 10-year, and 20-year periods. The report must include:
               (1)  an estimate of what the book value of the total
  assets of the fund would have been for each period had the system
  achieved the applicable assumed rate of return; and
               (2)  for each period, a comparison of the estimate
  described by Subdivision (1) and the actual book value of total
  assets in the fund.
         (c)  The report required by this section may be combined with
  any other report required by law.
         SECTION 2.  This Act takes effect September 1, 2021.