Tex. Gov't Code § 815.3016 · Subchapter D. MANAGEMENT OF ASSETS
APPROVAL OF CERTAIN ALTERNATIVE INVESTMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "alternative investment" has the meaning assigned by Section 815.3015.
(b) The executive director, a private professional investment manager, or any other person delegated authority to invest or reinvest retirement system assets under Section 815.202(f) or 815.301 may not invest retirement system assets in a single alternative investment that exceeds 0.6 percent of the total market value of the trust fund established by Section 815.310 as reported in the most recent annual financial report required under Section 2101.011 unless the board of trustees votes to approve the investment.
(c) The board of trustees may hold a closed meeting by telephone conference call or video conference call to consider and discuss an alternative investment or a potential alternative investment under this section, regardless of whether a quorum is physically present at one location of the meeting.
(d) Chapter 551 does not require the board of trustees to confer with one or more employees, consultants, or legal counsel of the retirement system or with a third party in an open meeting if the only purpose of the conference is to receive information from or question the employees, consultants, or legal counsel of the retirement system or the third party relating to an alternative investment or a potential alternative investment under this section.
(e) During a closed meeting held under this section, members of the board of trustees may not deliberate public business or agency policy that affects public business.
(f) A final action, decision, or vote on a matter considered or discussed in a closed meeting held under this section may only be made in an open meeting that is held in compliance with the notice provisions of Chapter 551.
(g) The board of trustees may adopt rules necessary to implement this section.
Notes and commentary — not statutory text
History
Added by Acts 2017, 85th Leg., R.S., Ch. 530 (S.B. 301), Sec. 8, eff. September 1, 2017.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.815.htm
- Text hash
- sha256 d4056416ba30ffe347a001623447ba5b8254a2d8740332423920f0eb97493674
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Government Code
- Tex. Gov't Code ch. 551OPEN MEETINGSPrinted as Chapter 551
- Tex. Gov't Code § 815.202EXECUTIVE DIRECTOR.Printed as Section 815.202(f) or 815.301
- Tex. Gov't Code § 815.301INVESTMENT OF ASSETS.Printed as Section 815.202(f) or 815.301
- Tex. Gov't Code § 815.3015TRACKING AND REPORTING OF PROFIT SHARE.Printed as Section 815.3015
- Tex. Gov't Code § 815.310TRUST FUND.Printed as Section 815.310
- Tex. Gov't Code § 2101.011FINANCIAL INFORMATION REQUIRED OF STATE AGENCIES.Printed as Section 2101.011
Cited by 2 provisions
Provisions in this library whose text cites Tex. Gov't Code § 815.3016. Each shows the citation as that text prints it.
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.