TRS faces scrutiny over downtown Austin lease
You may have read recent media reports about the $326,000 per month rent that TRS will be paying to lease three stories of prime office space in the “Indeed Building” in downtown Austin for its investment management division. The agency is facing increasing criticism and scrutiny over its decision to lease space in the most expensive area of Austin to house its investment staff.
TCTA reminded the TRS Board and staff of a few controversial decisions regarding the investment division in recent testimony, pointing out that TRS members are becoming wary of how the agency is spending pension funds at a time when retirees are struggling to make ends meet. We also communicated concerns about the agency’s planning for future office restructuring to the Sunset Advisory Commission, which is conducting a review of TRS efficiency and effectiveness.