Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.
HB 3474 requires Texas public retirement systems with assets over $30 million to conduct regular evaluations of their investment practices and performance. Systems with assets of $100 million or more must evaluate every three years, while those with $30-$100 million in assets must evaluate every six years, unless pension liabilities reach $100 million during the cycle. The bill mandates that independent firms complete these evaluations and submit draft reports to the retirement systems for review, followed by final reports including any system responses. The law, signed by the Governor and effective September 1, 2025, applies to all qualifying public retirement systems in Texas.
Bill status
signed
all 5 stages cleared
Introduction
Mar 2025
Committee Review
May 2025
House Passage
May 2025
Senate Passage
May 2025
Signed into Law
May 2025
Introduced Mar 24, 2025
Signed May 29, 2025
Maddy AI version diff · 2 comparisons
What changed between versions
Engrossed
→
Enrolled
·
4 edits
·
May 29, 2025
MODERATE
The bill text was reformatted from an 'Engrossed' version to an 'Enrolled' version, which is the final version signed into law. The substantive legislative content remains unchanged, with all policy provisions, deadlines, and thresholds preserved exactly as in the original version.
TECHNICAL
Removed sponsor names and bill number formatting from the header section.
Replaced internal amendment markup symbols (like 1[...]1) with clean, final text for readability.
Added official certification signatures and voting records from both chambers and the Governor.
Converted page breaks and line numbers to a continuous, publication-ready format.
Floor votes · House May 6, 2025
How they voted
This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
49
Key actions
16
Committee
11
May 29, 2025
Signed into law
Signed by the Governor
executive
May 20, 2025
Upper · Passed
Signed in the Senate
upper
May 20, 2025
Lower · Passed
Signed in the House
lower
May 19, 2025
Lower · Passed
Senate passage reported
lower
May 19, 2025
Upper · Passed
Passed
upper
May 14, 2025
Upper · Passed
Committee report printed and distributed
upper
May 14, 2025
Upper · Passed
Reported favorably w/o amendments
upper
May 14, 2025
Upper · Passed
Vote taken in committee
upper
May 7, 2025
Committee
Referred to Finance
upper
May 7, 2025
Introduced
Read first time
upper
May 6, 2025
Introduced
Received from the House
upper
May 6, 2025
Lower · Passed
Passed
lower
May 5, 2025
Lower · Passed
Passed to engrossment
lower
Apr 16, 2025
Lower · Passed
Corrected committee report sent to Calendars
lower
Apr 15, 2025
Lower · Passed
Committee report sent to Calendars
lower
Apr 11, 2025
Lower · Passed
Committee report distributed
lower
Apr 7, 2025
Lower · Passed
Reported favorably as substituted
lower
Mar 31, 2025
Lower · Passed
Left pending in committee
lower
Mar 31, 2025
Lower · Passed
Testimony taken/registration(s) recorded in committee
lower
Mar 24, 2025
Committee
Referred to Pensions, Investments & Financial Services
lower
Mar 24, 2025
Introduced
Read first time
lower
4 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Ben Bumgarner
RRepublican
P
Joan Huffman
RRepublican
P
Mihaela Pleșa
DDemocratic
P
Stan Lambert
RRepublican
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