reglab/housing_qa huggingface dataset:
TX Govt Code § 815.3015 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.3015. Tracking and Reporting of Profit Share

Sec. 815.3015.  TRACKING AND REPORTING OF PROFIT SHARE.  (a)  In this section:(1)  "Alternative investment" means an investment in a private equity fund, private real estate fund, hedge fund, infrastructure fund, or another asset as further defined by rule of the board of trustees.(2)  "Profit share" means an amount received by a private professional investment manager either in consideration for achieving certain investment returns or as part of the negotiated division of investment returns between the private professional investment manager and an investor.  The term includes a performance fee, incentive fee, and carried interest.(b)  The board of trustees shall develop a consistent method, guided by best industry practices and standards, to collect or calculate profit share data in connection with alternative investments of the retirement system.(c)  The board of trustees shall consistently track profit share data collected or calculated in accordance with Subsection (b) and the amount of realized gains for the retirement system from the associated alternative investments.(d)  The board of trustees shall report, at a minimum, the aggregate amount of profit shares received by private professional investment managers in connection with alternative investments of the retirement system, categorized by asset class, in the annual financial report required under Section 2101.011 and in other appropriate investment reports and board presentations.(e)  The board of trustees may adopt rules necessary to implement this section.|Added by Acts 2017, 85th Leg., R.S., Ch. 530 (S.B. 301), Sec. 8, eff. September 1, 2017.|
TX Govt Code § 815.3016 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.3016. Approval of Certain Alternative Investments

Sec. 815.3016.  APPROVAL OF CERTAIN ALTERNATIVE INVESTMENTS.  (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.|Added by Acts 2017, 85th Leg., R.S., Ch. 530 (S.B. 301), Sec. 8, eff. September 1, 2017.|
TX Govt Code § 815.302 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.302. Custody and Investment of Assets Pending Transactions

Sec. 815.302.  CUSTODY AND INVESTMENT OF ASSETS PENDING TRANSACTIONS.  The retirement system may, in the exercise of its constitutional discretion to manage the assets of the retirement system, select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of the system's cash or securities pending completion of an investment transaction and may authorize such custodian to invest the cash so held in such short-term securities as the board of trustees determines, subject only to the provisions of Section 815.301.|Added by Acts 1987, 70th Leg., 2nd C.S., ch. 77, Sec. 3, eff. Oct. 20, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.3011 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 2, eff. Aug. 28, 1989.|
TX Govt Code § 815.303 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.303. Securities Lending

Sec. 815.303.  SECURITIES LENDING.  (a)  The retirement system may, in the exercise of its constitutional discretion to manage the assets of the retirement system, select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of the system's securities and to lend the securities under rules or policies adopted by the board of trustees and as required by this section.(b)  To be eligible to lend securities under this section, a bank or brokerage firm must:(1)  be experienced in the operation of a fully secured securities loan program;(2)  maintain adequate capital in the prudent judgment of the retirement system to assure the safety of the securities;(3)  execute an indemnification agreement satisfactory in form and content to the retirement system fully indemnifying the retirement system against loss resulting from borrower default in its operation of a securities loan program for the system's securities; and(4)  require any securities broker or dealer to whom it lends securities belonging to the retirement system to deliver to and maintain with the custodian or securities lending agent collateral in the form of cash or securities that are obligations of the United States or agencies or instrumentalities of the United States in an amount equal to but not less than 100 percent of the market value, from time to time, as determined by the retirement system, of the loaned securities.|Added by Acts 1987, 70th Leg., 2nd C.S., ch. 77, Sec. 3, eff. Oct. 20, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.3012 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 3, eff. Aug. 28, 1989;  Acts 1997, 75th Leg., ch. 1048, Sec. 18, eff. Sept. 1, 1997.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1249 (S.B. 1664), Sec. 12, eff. September 1, 2011.|
TX Govt Code § 815.304 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.304. Nominee to Hold Securities

Sec. 815.304.  NOMINEE TO HOLD SECURITIES.  (a)  The assets of the retirement system may be held in the name of agents, nominees, depository trust companies, or other entities designated by the board of trustees.(b)  The records and all relevant reports or accounts of the retirement system must show the ownership interest of the retirement system in these assets and the facts regarding the system's holdings.(c)  A trustee or employee of the retirement system shall have no personal economic interest in any entity listed in Subsection (a), but shall undertake such action and duties with respect to these entities as the board of trustees determines to be in the interest of the retirement system.  This subsection does not prohibit:(1)  an interest in the assets as a member of the retirement system;(2)  the right to receive expense reimbursements at the same rate that the board member or employee would have received as a board member or employee; and(3)  such indemnification as is authorized by the board of trustees.(d)  The records of an agent, nominee, or other entity that are maintained by the retirement system are subject to audit by the state auditor.|Added by Acts 1987, 70th Leg., 2nd C.S., ch. 77, Sec. 3, eff. Oct. 20, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.3013 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1989, 71st Leg., ch. 251, Sec. 4, eff. Aug. 28, 1989.|
TX Govt Code § 815.307 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.307. Duty of Care

Sec. 815.307.  DUTY OF CARE.  The assets of the retirement system shall be invested and reinvested without distinction as to their source in accordance with Section 67, Article XVI, Texas Constitution.  A determination of whether the board of trustees has exercised prudence with respect to an investment decision must be made taking into consideration the investment of all assets of the trust or all assets of the collective investment vehicle, as applicable, over which the board has management and control, rather than considering the prudence of a single investment of the trust or the collective investment vehicle, as applicable.|Added by Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.304 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 1048, Sec. 19, eff. Sept. 1, 1997;  Acts 2003, 78th Leg., ch. 1111, Sec. 27, eff. Sept. 1, 2003.Added by Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.304 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 1048, Sec. 19, eff. Sept. 1, 1997;  Acts 2003, 78th Leg., ch. 1103, Sec. 10, eff. Jan. 1, 2004.Reenacted by Acts 2009, 81st Leg., R.S., Ch. 1308 (H.B. 2559), Sec. 21, eff. September 1, 2009.|
TX Govt Code § 815.308 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.308. Cash on Hand

Sec. 815.308.  CASH ON HAND.  (a)  The board of trustees shall keep a sufficient amount of cash on hand to make payments as they become due each year under the retirement system.(b)  The amount of cash on hand may not exceed 10 percent of the total amount in the funds of the retirement system on deposit with the comptroller, excluding the assets of the law enforcement and custodial officer supplemental retirement fund.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.305 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 8.47, eff. Sept. 1, 1997.|
TX Govt Code § 815.309 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.309. Crediting System Assets

Sec. 815.309.  CREDITING SYSTEM ASSETS.  All assets of the retirement system, except assets of the law enforcement and custodial officer supplemental retirement fund, shall be credited to the trust fund established by Section 815.310.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1985, 69th Leg., ch. 91, Sec. 1, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.306 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 815.310 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.310. Trust Fund

Sec. 815.310.  TRUST FUND.  (a)  A trust fund for the Employees Retirement System of Texas is established with the comptroller.(b)  All assets of the trust fund shall be credited, according to the purpose for which they are held, to one of the following accounts:(1)  employees saving account;(2)  state accumulation account;(3)  retirement annuity reserve account;(4)  interest account;  or(5)  expense account.|Added by Acts 1985, 69th Leg., ch. 91, Sec. 2, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.3061 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1993, 73rd Leg., ch. 791, Sec. 17, eff. Sept. 1, 1993;  Acts 1997, 75th Leg., ch. 1423, Sec. 8.48, eff. Sept. 1, 1997.|
TX Govt Code § 815.311 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.311. Employees Saving Account

Sec. 815.311.  EMPLOYEES SAVING ACCOUNT.  (a)  The retirement system shall deposit in a member's individual account in the employees saving account the following amounts, as applicable:(1)  the amount of contributions to the retirement system that is deducted from the member's compensation;(2)  the portion of a deposit required to reinstate service credit previously canceled that represents only the amount withdrawn;(3)  the portion of a deposit required to establish service credit not previously established that represents only the required contribution;(4)  the portion of a deposit required to establish military service credit that represents only the member's contribution for that credit; and(5)  interest and gain sharing interest in accordance with Sections 820.102 and 820.103, respectively.(b)  Except as provided by Section 820.102 or 820.103, interest on money in an individual account in the employees saving account is earned monthly and is computed at the rate of two percent a year on the mean balance of the member's account for the fiscal year.(c)  Unless an account is closed before the last day of the fiscal year, interest is computed for the fiscal year and is credited to the member's account as of the last day of the fiscal year.(d)  If a member's account is closed before the last day of the fiscal year, interest is computed for the following period:(1)  if the account is closed because of death, from the first day of the fiscal year through the last day of the month that preceded the month in which the member's death occurred;(2)  if the account is closed by withdrawal of contributions, from the first day of the fiscal year through the last day of the month that precedes the month in which the withdrawal request is validated by the retirement system;  or(3)  if the account is closed because of retirement, from the first day of the fiscal year through the effective date of retirement.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1985, 69th Leg., ch. 91, Sec. 16, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.307 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 618 (S.B. 1459), Sec. 13, eff. January 1, 2014.Acts 2021, 87th Leg., R.S., Ch. 940 (S.B. 321), Sec. 12, eff. September 1, 2021.|
TX Govt Code § 815.312 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.312. State Accumulation Account

Sec. 815.312.  STATE ACCUMULATION ACCOUNT.  (a)  The retirement system shall deposit in the state accumulation account all contributions for retirement made by the state to the retirement system and transfer to the account the amounts required by Section 815.318 or 815.502.(b)  The retirement system also shall deposit in the state accumulation account the interest portion of the following deposits made by members:(1)  deposits required to reinstate service previously canceled;(2)  deposits required to establish service credit not previously established;  and(3)  deposits required to establish military service credit.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1985, 69th Leg., ch. 91, Sec. 16, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.308 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 815.313 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.313. Retirement Annuity Reserve Account

Sec. 815.313.  RETIREMENT ANNUITY RESERVE ACCOUNT.  (a)  The retirement system shall transfer to the retirement annuity reserve account money as required by Section 815.318, 815.319, or 815.321.(b)  The retirement system shall use the money in the account to pay annuities as provided by this subtitle.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1983, 68th Leg., p. 1111, ch. 252, Sec. 6, eff. Aug. 29, 1983;  Acts 1985, 69th Leg., ch. 91, Sec. 16, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.309 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1993, 73rd Leg., ch. 791, Sec. 18, eff. Sept. 1, 1993.|
TX Govt Code § 815.314 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.314. Interest Account

Sec. 815.314.  INTEREST ACCOUNT.  Except as provided by Section 815.317, 820.102, or 820.103, the retirement system shall deposit in the interest account all income, interest, and dividends from deposits and investments of assets of the retirement system.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1985, 69th Leg., ch. 91, Sec. 16, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.310 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2021, 87th Leg., R.S., Ch. 940 (S.B. 321), Sec. 13, eff. September 1, 2021.|
TX Govt Code § 815.315 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.315. Expense Account

Sec. 815.315.  EXPENSE ACCOUNT.  (a)  The retirement system shall deposit in the expense account membership fees, money required to be transferred to the account under Section 815.318, and any appropriations made by the legislature to the account.(b)  The retirement system shall pay from the expense account administration and maintenance expenses of the retirement system except those expenses the payment of which is provided for by Section 815.208(c) or 815.317(b).|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1985, 69th Leg., ch. 91, Sec. 16, eff. Sept. 1, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.311 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 815.317 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle B - Employees Retirement System of Texas|Chapter 815 - Administration|Subchapter D. Management of Assets|Section 815.317. Law Enforcement and Custodial Officer Supplemental Retirement Fund

Sec. 815.317.  LAW ENFORCEMENT AND CUSTODIAL OFFICER SUPPLEMENTAL RETIREMENT FUND.  (a)  The retirement system shall deposit in the law enforcement and custodial officer supplemental retirement fund state contributions and other appropriations made by the legislature to the fund and proceeds from investment of the fund.(a-1)  The comptroller shall deposit fees collected under Section 133.102(e)(7), Local Government Code, to the credit of the law enforcement and custodial officer supplemental retirement fund.(b)  The retirement system may use money from the fund only to pay supplemental retirement and death benefits to law enforcement and custodial officers as provided by this subtitle and to pay for the administration of the fund.(c)  Money appropriated to pay benefits from the fund as provided by this subtitle may not be diverted or used to pay any other benefits.(d)  Member contributions to the fund deducted under Section 815.402(h) or 820.101(b), as applicable:(1)  earn interest at the same rate as money in an individual account in the employees saving account under Section 815.311; and(2)  are subject to the same computations and limitations that apply to member contributions under Section 815.311.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1983, 68th Leg., p. 1977, ch. 360, Sec. 2, eff. Sept. 1, 1983.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 25.313 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 797, Sec. 4, eff. June 16, 1991;  Acts 1993, 73rd Leg., ch. 791, Sec. 19, eff. Sept. 1, 1993.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1249 (S.B. 1664), Sec. 13(a), eff. September 1, 2013.Acts 2013, 83rd Leg., R.S., Ch. 618 (S.B. 1459), Sec. 14, eff. September 1, 2013.Acts 2021, 87th Leg., R.S., Ch. 940 (S.B. 321), Sec. 14, eff. September 1, 2021.|