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Relating to a biennial report on the investment returns of the Employees Retirement System of Texas and the Teacher Retirement System of Texas.
No significant fiscal implication to the State is anticipated.
SB 483 would require both the Teacher Retirement System of Texas and the Employees Retirement System of Texas to provide a biennial report to governor, lieutenant governor and the legislature that compares the assumed rate of return to the actual rate of return achieved by the system for the most recent 1, 5, 10, and 20 years.
Texas Action supports SB 483 because it empowers the limited government principle by bringing transparency and oversight to publicly funded retirement benefit systems. As these systems are partially funded by taxpayers, the state has an obligation to make sure they are fiscally sound, and if they are not, make decisions on what must be done to rectify the problem without simply taking more taxpayer money.