TRS News
TRS Draws Scrutiny Over Office Lease
The TRS is facing quite a bit of scrutiny over its plans to spend at least $326,000 a month on rent to house its investment staff in an ultramodern downtown Austin office tower now under construction (see TEN, Jan. 27).
Lt. Gov. Dan Patrick announced he is directing the Senate Finance Committee to take a look at the retirement system’s “total (office) rental costs and furnishings” during a Feb. 25 meeting that was scheduled to include some TRS-related topics.
And, state Rep. Jim Murphy, R-Houston, who chairs the House committee that includes oversight over state pension funds, announced that he will likely hold a hearing on the lease, possibly in March.
Several other legislators also posted letters expressing concerns over the lease (such as here, here and here).
“Mad” and “Shocked”
The Austin American-Statesman quoted Texas Retired Teachers Association Executive Director Ted Lee as saying his members are “mad” and “shocked” about the lease, and can’t understand why the TRS is spending that much money.
TRS Executive Director Brian Guthrie responded to the scrutiny and criticism by urging the system’s members to use the TRS online contact forms to share their concerns about this and other TRS issues, and promised that there will be a full discussion about the plans at the TRS board’s Feb. 20-21 meeting, which will include a discussion of all the system’s long-term office needs.
Although the TRS has released bare-bones leasing rates for the building, it has, thus far (pending a state attorney general’s decision), refused to release other details of the 10-year lease agreement with the Indeed office tower.