82R11401 KFF-D
By: Alvarado H.B. No. 3548
A BILL TO BE ENTITLED
AN ACT
relating to the investment authority of the Employees Retirement
System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 815.301(h)(1), Government Code, is
amended to read as follows:
(1) "Emerging fund manager" means a private
professional investment manager that manages assets of not more
than $5 [$2] billion.
SECTION 2. The change in law made by this Act applies only
to a contract between the board of trustees of the Employees
Retirement System of Texas and an emerging fund manager under
Section 815.301(c), Government Code, that is awarded on or after
the effective date of this Act. A contract awarded before the
effective date of this Act is governed by the law in effect on the
date the contract was awarded, and that law is continued in effect
for that purpose.
SECTION 3. This Act takes effect September 1, 2011.