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November 27, 2006
Mr. Jarvis Hollingsworth
TRS Board of Directors
Dear Mr. Hollingsworth:
The Texas Classroom Teachers Association represents 50,000 teachers and other instructional personnel in school districts across Texas. Our members are very appreciative of the benefits provided through the Texas Teacher Retirement System and extremely protective of the pension fund.
The Board’s recent discussion of potential investments through the Texas Emerging Technology Fund has caused concern within our membership. Several legitimate questions have been raised; chiefly, whether any such investment would be a stable and profitable investment that would benefit the TRS fund, and whether it would even be under consideration if it were not being promoted through a fund designed to enhance the Texas economy. We are concerned that potentially risky investments in early-stage technologies appear to be presented as an opportunity to benefit Texas technology companies, rather than the TRS fund.
Section 825.101, Government Code, provides that the board “shall administer the retirement system for the sole and exclusive benefit of the members and participants.” TCTA would ask you to rely on that mandate as you consider TETF and other investments. We thank you for your service to the retired and active school employees of Texas.
Sincerely,
Ann C. Fickel
Director of Legislation
