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Relating to the evaluation and reporting of the performance of certain public retirement systems.
No significant fiscal implication to the State is anticipated.
SB 1372 would require an independent firm evaluating a public retirement system's investment practices and performance, as required by current law, to disclose any conflict of interest, the nature of a relationship with a retirement system the firm is evaluating, and any remuneration the firm receives for the service other than the service fee charged to a retirement system for evaluating it.
SB 1372 would require the State Pension Review Board to establish grading system for each public retirement system based on the system’s procedures and capacity for satisfying accrued obligations.
Texas Action supports SB 1372 because it empowers the limited government principle. This bill would add transparency to reports on a public retirement system's investment practices and performance and the state has a vested interest in making sure the information in these reports comes from unbiased and independent sources.
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