LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION March 30, 2011 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB1061 by Otto (Relating to the expiration of certain investment authority of the Teacher Retirement System of Texas.), Committee Report 1st House, Substituted No fiscal implication to the State is anticipated. The bill would extend the statutory expiration date from September, 2012 to September, 2019 for use of external managers and would re-authorize the TRS board of trustees to delegate investment authority over a portion of the assets of the Retirement Trust Fund to external managers. According to the agency, the bill would provide more flexibility with the TRS investment portfolio and increase the likelihood of TRS achieving a higher rate of return. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: LBB Staff: JOB, AG, JGM, JW
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
March 30, 2011
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB1061 by Otto (Relating to the expiration of certain investment authority of the Teacher Retirement System of Texas.), Committee Report 1st House, Substituted
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB1061 by Otto (Relating to the expiration of certain investment authority of the Teacher Retirement System of Texas.), Committee Report 1st House, Substituted
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HB1061 by Otto (Relating to the expiration of certain investment authority of the Teacher Retirement System of Texas.), Committee Report 1st House, Substituted
HB1061 by Otto (Relating to the expiration of certain investment authority of the Teacher Retirement System of Texas.), Committee Report 1st House, Substituted
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would extend the statutory expiration date from September, 2012 to September, 2019 for use of external managers and would re-authorize the TRS board of trustees to delegate investment authority over a portion of the assets of the Retirement Trust Fund to external managers. According to the agency, the bill would provide more flexibility with the TRS investment portfolio and increase the likelihood of TRS achieving a higher rate of return.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
LBB Staff: JOB, AG, JGM, JW
JOB, AG, JGM, JW