1. (a) This section applies only to the:

   1. (1) Employees Retirement System of Texas; and
   2. (2) Teacher Retirement System of Texas.

2. (b) Not later than December 31 of each even-numbered year, the governing body of a public retirement system shall submit to the governor, the lieutenant governor, and each member of the legislature a report that details and compares the assumed rate of return and the annualized actual time-weighted rate of return achieved by the system for the most recent 1-year, 5-year, 10-year, and 20-year fiscal periods. The report must include:

   1. (1) for each period, an estimate of what the market value of the invested assets of the fund would have been as of the most recent fiscal year end had the system achieved the applicable assumed rate of return; and
   2. (2) a comparison of each estimate described by Subdivision (1) and the actual market value of the invested assets in the fund as of the most recent fiscal year end.
3. (c) The report required by this section may be combined with any other report required by law.

Added by Acts 2021, 87th Leg., R.S., Ch. 570 (S.B. 483), Sec. 1, eff. September 1, 2021.