Tex. Gov't Code § 802.204 · Subchapter C. ADMINISTRATION OF ASSETS
INVESTMENT MANAGER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The governing body of a public retirement system may appoint investment managers for the system by contracting for professional investment management services with one or more organizations, which may include a bank if it has a trust department, that are in the business of managing investments.
(b) To be eligible for appointment under this section, an investment manager must be:
(1) registered under the Investment Advisors Act of 1940 (15 U.S.C. Section 80b-1 et seq.);
(2) a bank as defined by that Act; or
(3) an insurance company qualified to perform investment services under the laws of more than one state.
(c) In a contract made under this section, the governing body shall specify any policies, requirements, or restrictions, including criteria for determining the quality of investments and for the use of standard rating services, that the governing body adopts for investments of the system.
(d) A political subdivision of which members of the public retirement system are officers or employees may pay all or part of the cost of professional investment management services under a contract under this section. Any cost not paid directly by a political subdivision is payable from funds of the public retirement system.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Amended by Acts 1981, 67th Leg., 1st C.S., p. 199, ch. 18, Sec. 10, eff. Nov. 10, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 12.204 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.802.htm
- Text hash
- sha256 fb25b56b433a7eacf9c3346e492280513b1c887a5c8a7a794cdcc2144847fdf5
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 7 provisions
Provisions in this library whose text cites Tex. Gov't Code § 802.204. Each shows the citation as that text prints it.
Government Code
- Tex. Gov't Code § 802.002EXEMPTIONS.Printed as 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, and 802.207
- Tex. Gov't Code § 802.203FIDUCIARY RESPONSIBILITY.Printed as Section 802.204 | Section 802.204(c)
- Tex. Gov't Code § 802.207CUSTODY AND USE OF FUNDS.Printed as Section 802.204
- Tex. Gov't Code § 845.301INVESTMENT OF ASSETS.Printed as Section 802.204
Vernon's Civil Statutes
- Tex. Rev. Civ. Stat. art. 6243e.2(1)FIREFIGHTERS' RELIEF AND RETIREMENT FUND IN MUNICIPALITIES OF AT LEAST 2,000,000 POPULATION.Printed as Section 802.204, Government Code
- Tex. Rev. Civ. Stat. art. 6243hMUNICIPAL PENSION SYSTEM IN CITIES OF 1,500,000 OR MORE.Printed as Section 802.204, Government Code
- Tex. Rev. Civ. Stat. art. 6243nMUNICIPAL RETIREMENT SYSTEM IN MUNICIPALITIES OF 460,000 TO 500,000.Printed as Section 802.204, Government Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.