The following words and terms, for the purposes of this chapter, shall have the following meanings, unless the rule indicates otherwise.
- (1) "Annual financial report" means as defined by §802.103 of the Texas Government Code.
- (2) "Asset class" means a group of securities that share similar characteristics, perform comparably in the marketplace, and are generally governed by the same laws and regulations.
- (3) "Board" means the State Pension Review Board.
- (4) "Direct and indirect fees and commissions" means amounts paid to investment managers for managing assets; commissions paid to brokers for trading securities on a per share basis; profit share as defined by §815.3015(a)(2) of the Texas Government Code; and fees netted from returns.
- (5) "Fees netted from returns" means an amount that an investment manager collects or retains from earned investment returns rather than from the pension trust fund.
- (6) "Governing body of a public retirement system" means as provided by Texas Government Code §802.001(2).
- (7) "Investment expense" means direct and indirect fees and commissions and amounts retained or paid for investment services.
- (8) "Investment manager" means as defined by §802.204 of the Texas Government Code.
- (9) "Investment service" means a service provided to a public retirement system for general purposes of administering its investment program such as custodial, investment consulting, investment-related legal services, research, and in-house investment staff.
- (10) "Public retirement system" means as defined by §801.001(2) and §802.001(3) of the Texas Government Code, but shall not include defined contribution plans as defined by Texas Government Code, §802.001(1-a) or retirement systems consisting exclusively of volunteers organized under the Texas Local Fire Fighters' Retirement Act as defined by Texas Government Code, §802.002(d).
Source Note:The provisions of this §609.105 adopted to be effective March 15, 2020, 45 TexReg 1864; amended to be effective October 16, 2024, 49 TexReg 8401.