| 2 | | - | (In the Senate - Filed January 23, 2019; February 14, 2019, |
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| 3 | | - | read first time and referred to Committee on State Affairs; |
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| 4 | | - | March 27, 2019, reported favorably by the following vote: Yeas 9, |
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| 5 | | - | Nays 0; March 27, 2019, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 7 | 3 | | |
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| 8 | 4 | | |
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| 9 | 5 | | A BILL TO BE ENTITLED |
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| 10 | 6 | | AN ACT |
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| 11 | 7 | | relating to the authority of the Teacher Retirement System of Texas |
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| 12 | 8 | | to invest in certain hedge funds. |
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| 13 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 10 | | SECTION 1. Section 825.3012(b), Government Code, is amended |
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| 15 | 11 | | to read as follows: |
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| 16 | 12 | | (b) Notwithstanding any provision of Section 825.301, not |
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| 17 | 13 | | more than 10 [five] percent of the value of the total investment |
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| 18 | 14 | | portfolio of the retirement system may be invested in hedge funds. |
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| 19 | 15 | | SECTION 2. Section 825.3012(b-1), Government Code, is |
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| 20 | 16 | | repealed. |
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| 21 | 17 | | SECTION 3. This Act takes effect immediately if it receives |
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| 22 | 18 | | a vote of two-thirds of all the members elected to each house, as |
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| 23 | 19 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 24 | 20 | | Act does not receive the vote necessary for immediate effect, this |
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| 25 | 21 | | Act takes effect on the 91st day after the last day of the |
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| 26 | 22 | | legislative session. |
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