Bill Text: TX HB2652 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the procurement of investment and consulting services by certain public retirement systems.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-05-02 - Left pending in committee [HB2652 Detail]
Download: Texas-2019-HB2652-Introduced.html
86R7427 TSR-D | ||
By: Flynn | H.B. No. 2652 |
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relating to the procurement of investment and consulting services | ||
by certain public retirement systems. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 802.002(a), Government Code, is amended | ||
to read as follows: | ||
(a) Except as provided by Subsection (b), the Employees | ||
Retirement System of Texas, the Teacher Retirement System of Texas, | ||
the Texas County and District Retirement System, the Texas | ||
Municipal Retirement System, and the Judicial Retirement System of | ||
Texas Plan Two are exempt from Sections 802.101(a), 802.101(b), | ||
802.101(d), 802.102, 802.103(a), 802.103(b), 802.2015, 802.2016, | ||
802.202, 802.203, 802.204, 802.205, 802.206, [ |
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802.208. The Judicial Retirement System of Texas Plan One is exempt | ||
from all of Subchapters B and C except Sections 802.104 and 802.105. | ||
The optional retirement program governed by Chapter 830 is exempt | ||
from all of Subchapters B and C except Section 802.106. | ||
SECTION 2. Subchapter C, Chapter 802, Government Code, is | ||
amended by adding Section 802.208 to read as follows: | ||
Sec. 802.208. CONTRACTING FOR INVESTMENT OR CONSULTING | ||
SERVICES. (a) The governing body of a public retirement system | ||
shall issue a request for proposals and evaluate the proposals | ||
received before entering into a contract for investment or | ||
consulting services, including professional investment management | ||
services. | ||
(b) The term of a contract for investment or consulting | ||
services entered into by the governing body of a public retirement | ||
system may not exceed five years. | ||
(c) This section does not prohibit the governing body of a | ||
public retirement system from awarding a contract for investment or | ||
consulting services to the same person. | ||
SECTION 3. Section 802.208, Government Code, as added by | ||
this Act, applies only to a contract for investment or consulting | ||
services that is entered into or renewed by the governing body of a | ||
public retirement system on or after the effective date of this Act. | ||
SECTION 4. This Act takes effect September 1, 2019. |