Bill Impacting Public Retirement System Investing Agents Placed on the Senate Calendar
There is a bill on the Texas Senate Calendar for April 19 that relates to the fiduciary responsibilities of the governing bodies of public retirement systems in the state and their investment managers and proxy advisors.
Senate Bill 1446 is on the Senate's intent calendar after being reported favorably as substituted out of the State Affairs Committee, chaired by Sen. Bryan Hughes, R-Mineola.
The bill requires the governing bodies to obtain certain information from the investment manager and proxy advisors and establishes certain standards of care that they must meet in the performance of their duties. The bill also allows the governing bodies to take action against those who fail to meet the required standards.
Click here for the text of the bill.
To check broadcast times and watch a live stream of Senate proceedings, click here.
Note: TEXPERS, along with the Association's Legislative Committee and government affairs consultant, is monitoring the session, especially for any actions regarding public employee pensions. Check back for regular updates.