Texas § 815.301 INVESTMENT OF ASSETS.

Texas Statutes

§ 815.301 — INVESTMENT OF ASSETS.

Texas § 815.301

Code GVGovernment Code

This text of Texas § 815.301 (INVESTMENT OF ASSETS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 815.301 (2026).

Text

Sec. 815.301. INVESTMENT OF ASSETS.

(a)The board of trustees shall:

(1)invest the assets of the retirement system as a single fund without distinction as to their source; and

(2)hold securities purchased with the assets described by Subsection (a)(1) collectively for the proportionate benefit of:

(A)all accounts in the trust fund that are listed in Section 815.310 (b); and

(B)the law enforcement and custodial officer supplemental retirement fund.

(b)Except as provided by Section 815.3016 , the board of trustees may delegate its authority under Subsection (a) to the executive director. Subject to Section 815.3016 , the board of trustees or the executive director may, under the standard of care provided by Section 815.307 , invest and reinvest any of the retirement system's assets and

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Sec. 815.301. INVESTMENT OF ASSETS. (a) The board of trustees shall:
(1) invest the assets of the retirement system as a single fund without distinction as to their source; and
(2) hold securities purchased with the assets described by Subsection (a)(1) collectively for the proportionate benefit of:
(A) all accounts in the trust fund that are listed in Section 815.310 (b); and
(B) the law enforcement and custodial officer supplemental retirement fund.
(b) Except as provided by Section 815.3016 , the board of trustees may delegate its authority under Subsection (a) to the executive director. Subject to Section 815.3016 , the board of trustees or the executive director may, under the standard of care provided by Section 815.307 , invest and reinvest any of the retirement system's assets and may commingle assets of the trust fund and the law enforcement and custodial officer supplemental retirement fund with the assets of the Judicial Retirement System of Texas Plan Two for investment purposes, as long as proportionate ownership records are maintained and credited. Investments may include home office facilities, including land, equipment, and office building, used in administering the retirement system.
(c) Subject to Section 815.3016 , the board of trustees may contract with private professional investment managers to assist the board in investing the assets of the retirement system.
(d) The board of trustees shall employ one or more well-recognized performance measurement services to evaluate and analyze the investment results of those assets of the retirement system. Each service shall compare investment results with the written investment objectives developed by the board, and shall also compare the investment of the assets of the retirement system with the investment of other public and private funds.
(e) The board of trustees shall develop written investment objectives concerning the investment of assets of the retirement system. The objectives may address desired rates of return, risks involved, investment time frames, and any other relevant considerations.
(f) For purposes of the investment authority of the board of trustees under Section 67 , Article XVI, Texas Constitution, "securities" means any investment instrument within the meaning of the term as defined by Section 4001.068 , 15 U.S.C. Section 77b(a)(1), or 15 U.S.C. Section 78c(a)(10).
(g) In awarding contracts to private professional investment managers under Subsection (c) or otherwise acquiring private financial services, the board of trustees shall make a good faith effort to award contracts to or acquire services from qualified emerging fund managers.
(h) For purposes of Subsection (g):
(1) "Emerging fund manager" means a private professional investment manager that manages assets of not more than $2 billion.
(2) "Private financial services" includes pension fund management, consulting, investment advising, brokerage services, hedge fund management, private equity fund management, and real estate investment.
(i) The retirement system shall report to the board of trustees on the methods and results of the system's efforts to hire emerging fund managers, including data disaggregated by race, ethnicity, gender, and fund size.

Legislative History

Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Amended by Acts 1983, 68th Leg., p. 5098, ch. 925, Sec. 3, eff. Aug. 29, 1983; Acts 1983, 68th Leg., p. 5100, ch. 926, Sec. 3, eff. Aug. 29, 1983; Acts 1985, 69th Leg., ch. 91, Sec. 15, eff. Sept. 1, 1985; Acts 1985, 69th Leg., ch. 542, Sec. 5, eff. Aug. 26, 1985; Acts 1987, 70th Leg., ch. 167, Sec. 5.01(a)(63), eff. Sept. 1, 1987; Acts 1989, 71st Leg., ch. 138, Sec. 1, eff. May 25, 1989. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.301 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1989, 71st Leg., ch. 1100, Sec. 4.06(a), eff. Sept. 1, 1989; Acts 1993, 73rd Leg., ch. 791, Sec. 16, eff. Sept. 1, 1993; Acts 1995, 74th Leg., ch. 586, Sec. 28, eff. Aug. 28, 1995; Acts 1999, 76th Leg., ch. 1541, Sec. 24, eff. Sept. 1, 1999. Amended by: Acts 2009, 81st Leg., R.S., Ch. 1308 (H.B. 2559 ), Sec. 20, eff. September 1, 2009. Acts 2017, 85th Leg., R.S., Ch. 530 (S.B. 301 ), Sec. 7, eff. September 1, 2017. Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171 ), Sec. 2.20, eff. January 1, 2022.