Rep. Justin Holland’s statement on 10-yr office space lease by TRS

“I am extremely concerned about the recent news of a 10 year, $42.5 million office space lease signed by the Teachers Retirement System of Texas (TRS) for the Investment Management Division. Documents recently obtained by KXAN Austin News, revealed that TRS will pay more than $326,000 per month in base rent to occupy three (3) floors inside of Indeed Tower. During my tenure in the Legislature, elected officials and TRS members have repeatedly been told that adjustments, such as a cost of living adjustment (COLA) for beneficiaries, are implausible due to the financial condition of the pension. The recent news of the office lease seems to suggest that TRS is not being a frugal steward of TRS members’ pension funds that so many active and retired teachers have entrusted to it for their future. I look forward to working with TRS Director Brian Guthrie to find a workable solution.”

The Teacher Retirement System of Texas is the largest public retirement system in Texas, serving more than 1.5 million people. The Texas Constitution requires TRS to have a Board of Trustees to administer TRS and invest its funds. The assets of the TRS pension fund are required by state and federal law to be held in trust for the exclusive benefit of plan participants and beneficiaries.

Submitted press release for publication in Blue Ribbon News.

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