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March 22, 2000     (512) 463-0300

Senate Finance Subcommittee on State Investments Held Austin Hearing on Wednesday

AUSTIN - The Senate Finance Interim Subcommittee on State Investments held a public hearing Wednesday, January 14, 2000, at the Texas State Capitol.

The subcommittee consists of five members appointed by Finance Chair Bill Ratliff. Senator Robert L. Duncan of Lubbock serves as chair of the subcommittee. Other Senate members include Carlos F. Truan of Corpus Christi, Gonzalo Barrientos of Austin, Troy Fraser of Horseshoe Bay, and Steve Ogden of Bryan.

Invited testimony began with Sheila Beckett of the Employee Retirement System (ERS) of Texas. She reviewed her agency's fund investment management structure. The investment division hierarchy, investment management structure, definitions of the investment policy, executive office investments, implementation process, trade approval, asset allocations, and investment returns for ERS were all discussed.

Charles Dunlap, Executive Director of the Teacher Retirement System of Texas, gave a review of his agency's fund investment management structure. Dunlap discussed design benefit systems, equities, and trust funds.

Mike Doyle of the Comptroller of Public Accounts briefly reviewed his agency's fund investment management structure.

No public testimony was heard today. After invited testimony was taken, the meeting was recessed subject to call of the chair.

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