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A BILL TO BE ENTITLED
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AN ACT
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relating to in-depth evaluations and reports on certain investments |
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of the Teacher 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. Subchapter C, Chapter 801, Government Code, is |
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amended by adding Section 801.2035 to read as follows: |
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Sec. 801.2035. IN-DEPTH EVALUATION AND LEGISLATIVE REPORT |
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ON CERTAIN TEACHER RETIREMENT SYSTEM OF TEXAS INVESTMENTS. (a) In |
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this section, "retirement system" means the Teacher Retirement |
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System of Texas. |
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(b) On request and at the direction of the legislative |
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committees in either or both houses of the legislature with primary |
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jurisdiction over public retirement systems, the board shall: |
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(1) conduct an in-depth evaluation of specific |
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securities in which any assets of the Teacher Retirement System of |
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Texas are invested, including any interest held by the retirement |
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system in a limited partnership or investment contract, that either |
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or both committees determine appropriate for further evaluation |
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under this section; and |
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(2) submit a report, including confidential |
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information as directed, to the requesting committee or committees, |
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as applicable, of the evaluation completed by the board under |
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Subdivision (1). |
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(c) The governing body of the retirement system shall |
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provide the information requested under this section, including |
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confidential information as directed, as soon as practicable after |
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receiving the request. The board shall prescribe the form and |
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manner by which the information must be submitted to the board. |
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(d) A disclosure of information under this section to the |
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board does not waive or affect the confidentiality of the |
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information for purposes of state or federal law or waive the right |
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to assert exceptions to required disclosure of the information in |
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the future. |
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(e) The governing body of the retirement system may require |
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the individual requesting the information on behalf of the board, |
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the requesting legislative committee or committees, as applicable, |
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and the members or employees of the board and legislative committee |
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or committees, as applicable, who will view or handle information |
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that is received under this section and that is confidential under |
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law to sign a confidentiality agreement that covers the agreement |
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and requires that: |
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(1) the information not be disclosed outside the board |
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and requesting legislative committee or committees, as applicable, |
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or within the board and committee or committees, as applicable, for |
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purposes other than the purpose for which it was received; |
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(2) the information be labeled as confidential; |
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(3) the information be kept securely; or |
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(4) the number of copies made of the information or the |
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notes taken from the information that implicate the confidential |
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nature of the information be controlled, with all copies or notes |
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that are not destroyed or returned to the retirement system |
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remaining confidential and subject to the confidentiality |
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agreement. |
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(f) An evaluation or report prepared under this section is |
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not subject to disclosure under Chapter 552. |
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SECTION 2. This Act takes effect September 1, 2021. |