Bill Text: TX SB1618 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to in-depth evaluations and reports on certain investments of the Teacher Retirement System of Texas.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-24 - Referred to Finance [SB1618 Detail]
Download: Texas-2021-SB1618-Introduced.html
| 87R840 JCG-D | ||
| By: Bettencourt | S.B. No. 1618 | |
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| relating to in-depth evaluations and reports on certain investments | ||
| of the Teacher Retirement System of Texas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter C, Chapter 801, Government Code, is | ||
| amended by adding Section 801.2035 to read as follows: | ||
| Sec. 801.2035. IN-DEPTH EVALUATION AND LEGISLATIVE REPORT | ||
| ON CERTAIN TEACHER RETIREMENT SYSTEM OF TEXAS INVESTMENTS. (a) In | ||
| this section, "retirement system" means the Teacher Retirement | ||
| System of Texas. | ||
| (b) On request and at the direction of the legislative | ||
| committees in either or both houses of the legislature with primary | ||
| jurisdiction over public retirement systems, the board shall: | ||
| (1) conduct an in-depth evaluation of specific | ||
| securities in which any assets of the Teacher Retirement System of | ||
| Texas are invested, including any interest held by the retirement | ||
| system in a limited partnership or investment contract, that either | ||
| or both committees determine appropriate for further evaluation | ||
| under this section; and | ||
| (2) submit a report, including confidential | ||
| information as directed, to the requesting committee or committees, | ||
| as applicable, of the evaluation completed by the board under | ||
| Subdivision (1). | ||
| (c) The governing body of the retirement system shall | ||
| provide the information requested under this section, including | ||
| confidential information as directed, as soon as practicable after | ||
| receiving the request. The board shall prescribe the form and | ||
| manner by which the information must be submitted to the board. | ||
| (d) A disclosure of information under this section to the | ||
| board does not waive or affect the confidentiality of the | ||
| information for purposes of state or federal law or waive the right | ||
| to assert exceptions to required disclosure of the information in | ||
| the future. | ||
| (e) The governing body of the retirement system may require | ||
| the individual requesting the information on behalf of the board, | ||
| the requesting legislative committee or committees, as applicable, | ||
| and the members or employees of the board and legislative committee | ||
| or committees, as applicable, who will view or handle information | ||
| that is received under this section and that is confidential under | ||
| law to sign a confidentiality agreement that covers the agreement | ||
| and requires that: | ||
| (1) the information not be disclosed outside the board | ||
| and requesting legislative committee or committees, as applicable, | ||
| or within the board and committee or committees, as applicable, for | ||
| purposes other than the purpose for which it was received; | ||
| (2) the information be labeled as confidential; | ||
| (3) the information be kept securely; or | ||
| (4) the number of copies made of the information or the | ||
| notes taken from the information that implicate the confidential | ||
| nature of the information be controlled, with all copies or notes | ||
| that are not destroyed or returned to the retirement system | ||
| remaining confidential and subject to the confidentiality | ||
| agreement. | ||
| (f) An evaluation or report prepared under this section is | ||
| not subject to disclosure under Chapter 552. | ||
| SECTION 2. This Act takes effect September 1, 2021. | ||
