Two Texas state pension funds are being urged by state lawmakers to invest in the Transportation Finance Corp., an infrastructure fund focused solely on Texas-based projects.
The plan, proposed Aug. 21 by Gov. Rick Perry, Lt. Gov. David Dewhurst and House Speaker Tom Craddick, say the investments from the $108 billion Teacher Retirement System of Texas and $27 billion Employees Retirement System of Texas, both of Austin, could help offset state budget shortfalls in repairing the states eroding infrastructure.
Mary Jane Wardlow, spokeswoman for the employee system, said executives have not seen any specific plan yet and therefore could not comment. Calls and e-mails to officials of the teachers system were not returned by press time.
Last year, officials of both pension funds said in testimony before the Texas Legislature that the idea of forgoing other investments to participate in the new fund could conflict with their mandate to provide the best return for their members.