| 4 | 6 | | AN ACT |
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| 5 | 7 | | relating to a biennial report on the investment returns of the |
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| 6 | 8 | | Employees Retirement System of Texas and the Teacher Retirement |
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| 7 | 9 | | System of Texas. |
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| 8 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 11 | | SECTION 1. Subchapter B, Chapter 802, Government Code, is |
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| 10 | 12 | | amended by adding Section 802.1085 to read as follows: |
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| 11 | 13 | | Sec. 802.1085. BIENNIAL REPORT ON INVESTMENT RETURNS OF |
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| 12 | 14 | | CERTAIN PUBLIC RETIREMENT SYSTEMS. (a) This section applies only |
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| 13 | 15 | | to the: |
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| 14 | 16 | | (1) Employees Retirement System of Texas; and |
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| 15 | 17 | | (2) Teacher Retirement System of Texas. |
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| 16 | 18 | | (b) Not later than December 31 of each even-numbered year, |
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| 17 | 19 | | the governing body of a public retirement system shall submit to the |
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| 18 | 20 | | governor, the lieutenant governor, and each member of the |
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| 19 | 21 | | legislature a report that details and compares the assumed rate of |
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| 20 | 22 | | return and the annualized actual time-weighted rate of return |
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| 21 | 23 | | achieved by the system for the most recent 1-year, 5-year, 10-year, |
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| 22 | 24 | | and 20-year fiscal periods. The report must include: |
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| 23 | 25 | | (1) for each period, an estimate of what the market |
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| 24 | 26 | | value of the invested assets of the fund would have been as of the |
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| 25 | 27 | | most recent fiscal year end had the system achieved the applicable |
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| 26 | 28 | | assumed rate of return; and |
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| 27 | 29 | | (2) a comparison of each estimate described by |
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| 28 | 30 | | Subdivision (1) and the actual market value of the invested assets |
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| 29 | 31 | | in the fund as of the most recent fiscal year end. |
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| 30 | 32 | | (c) The report required by this section may be combined with |
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| 31 | 33 | | any other report required by law. |
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| 32 | 34 | | SECTION 2. This Act takes effect September 1, 2021. |
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| 33 | | - | ______________________________ ______________________________ |
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| 34 | | - | President of the Senate Speaker of the House |
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| 35 | | - | I hereby certify that S.B. No. 483 passed the Senate on |
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| 36 | | - | April 29, 2021, by the following vote: Yeas 31, Nays 0. |
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| 37 | | - | ______________________________ |
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| 38 | | - | Secretary of the Senate |
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| 39 | | - | I hereby certify that S.B. No. 483 passed the House on |
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| 40 | | - | May 26, 2021, by the following vote: Yeas 147, Nays 0, two |
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| 41 | | - | present not voting. |
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| 42 | | - | ______________________________ |
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| 43 | | - | Chief Clerk of the House |
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| 44 | | - | Approved: |
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| 45 | | - | ______________________________ |
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| 46 | | - | Date |
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| 47 | | - | ______________________________ |
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| 48 | | - | Governor |
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