87R840 JCG-D
By: Bettencourt S.B. No. 1618
A BILL TO BE ENTITLED
AN ACT
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.