LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 2, 2011 TO: Honorable Robert Duncan, Chair, Senate Committee on State Affairs 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.), As Engrossed 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, KJG, AG, JGM, JW
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
May 2, 2011
TO: Honorable Robert Duncan, Chair, Senate Committee on State Affairs 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.), As Engrossed
TO: Honorable Robert Duncan, Chair, Senate Committee on State Affairs
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.), As Engrossed
Honorable Robert Duncan, Chair, Senate Committee on State Affairs
Honorable Robert Duncan, Chair, Senate Committee on State Affairs
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.), As Engrossed
HB1061 by Otto (Relating to the expiration of certain investment authority of the Teacher Retirement System of Texas.), As Engrossed
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, KJG, AG, JGM, JW
JOB, KJG, AG, JGM, JW