Texas 2021 - 87th Regular

Texas Senate Bill SB1618 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	87R840 JCG-D
2	2	By: Bettencourt S.B. No. 1618
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to in-depth evaluations and reports on certain investments
8	8	of the Teacher Retirement System of Texas.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Subchapter C, Chapter 801, Government Code, is
11	11	amended by adding Section 801.2035 to read as follows:
12	12	Sec. 801.2035. IN-DEPTH EVALUATION AND LEGISLATIVE REPORT
13	13	ON CERTAIN TEACHER RETIREMENT SYSTEM OF TEXAS INVESTMENTS. (a) In
14	14	this section, "retirement system" means the Teacher Retirement
15	15	System of Texas.
16	16	(b) On request and at the direction of the legislative
17	17	committees in either or both houses of the legislature with primary
18	18	jurisdiction over public retirement systems, the board shall:
19	19	(1) conduct an in-depth evaluation of specific
20	20	securities in which any assets of the Teacher Retirement System of
21	21	Texas are invested, including any interest held by the retirement
22	22	system in a limited partnership or investment contract, that either
23	23	or both committees determine appropriate for further evaluation
24	24	under this section; and
25	25	(2) submit a report, including confidential
26	26	information as directed, to the requesting committee or committees,
27	27	as applicable, of the evaluation completed by the board under
28	28	Subdivision (1).
29	29	(c) The governing body of the retirement system shall
30	30	provide the information requested under this section, including
31	31	confidential information as directed, as soon as practicable after
32	32	receiving the request. The board shall prescribe the form and
33	33	manner by which the information must be submitted to the board.
34	34	(d) A disclosure of information under this section to the
35	35	board does not waive or affect the confidentiality of the
36	36	information for purposes of state or federal law or waive the right
37	37	to assert exceptions to required disclosure of the information in
38	38	the future.
39	39	(e) The governing body of the retirement system may require
40	40	the individual requesting the information on behalf of the board,
41	41	the requesting legislative committee or committees, as applicable,
42	42	and the members or employees of the board and legislative committee
43	43	or committees, as applicable, who will view or handle information
44	44	that is received under this section and that is confidential under
45	45	law to sign a confidentiality agreement that covers the agreement
46	46	and requires that:
47	47	(1) the information not be disclosed outside the board
48	48	and requesting legislative committee or committees, as applicable,
49	49	or within the board and committee or committees, as applicable, for
50	50	purposes other than the purpose for which it was received;
51	51	(2) the information be labeled as confidential;
52	52	(3) the information be kept securely; or
53	53	(4) the number of copies made of the information or the
54	54	notes taken from the information that implicate the confidential
55	55	nature of the information be controlled, with all copies or notes
56	56	that are not destroyed or returned to the retirement system
57	57	remaining confidential and subject to the confidentiality
58	58	agreement.
59	59	(f) An evaluation or report prepared under this section is
60	60	not subject to disclosure under Chapter 552.
61	61	SECTION 2. This Act takes effect September 1, 2021.