|(a) The governing body of a public retirement system,
as mandated by §802.103 of the Texas Government Code, is required
to publish an annual financial report showing the financial condition
of the system as of the last day of the fiscal year covered in the
(b) Texas Government Code §802.103(a)(3) requires
within the annual financial report, a listing, by asset class, of
all direct and indirect commissions and fees paid by the retirement
system during the system's previous fiscal year for the sale, purchase
or management of system assets.
(c) This chapter implements these reporting requirements
to help ensure consistency in investment expense reporting by public
retirement systems, which will benefit those systems, the Board, policymakers,
and the public, through the ability to make enhanced comparisons and
allow for the better analysis, policymaking, and understanding of
investment expenses paid by public retirement systems.
(d) This chapter is not intended to contradict generally
accepted auditing standards, governmental accounting standards, or
widely recommended best practices for financial reporting by governmental
entities. It is also not intended to prevent systems from making additional
disclosures beyond those listed in this chapter.