TITLE: Relating to the authority of the Teacher Retirement System of Texas to invest in certain hedge funds.

SUMMARY: Relating to the authority of the Teacher Retirement System of Texas to invest in certain hedge funds.

FULL TEXT:
AN ACT relating to the authority of the Teacher Retirement System of Texas to invest in certain hedge funds. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 825.3012(b), Government Code, is amended to read as follows: (b) Notwithstanding any provision of Section 825.301, not more than 10 [five] percent of the value of the total investment portfolio of the retirement system may be invested in hedge funds. SECTION 2. Section 825.3012(b-1), Government Code, is repealed. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.