Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB1246 by Huffman (Relating to the investment authority of certain state agencies and the confidentiality of certain information related to those investments.), As Introduced
COST ESTIMATE The bill would amend the Government Code pertaining to the Teachers Retirement System of Texas (TRS) to modify allowed investments, add the ability to place specific trades through the comptroller or other state agencies with appropriate authority, remove the hedge fund allocation cap, allow TRS to create a title-holding entity for real property, and outline what information related to the new entity is confidential.
The bill, if enacted, would not have a significant actuarial effect because it does not propose to change the funding or obligations of TRS. According to TRS, the provisions in the bill should not have an actuarial impact on the fund.
SOURCE Email correspondence from TRS March 23, 2023.