The following words and terms, for the purposes of this chapter, shall have the following meanings, unless the rule indicates otherwise.     
       (1) "Annual financial report" means as defined by §802.103 of the Texas Government Code.      
       (2) "Asset class" means a group of securities that share similar characteristics, perform comparably in the marketplace, and are generally governed by the same laws and regulations.      
       (3) "Board" means the State Pension Review Board.      
       (4) "Direct and indirect fees and commissions" means amounts paid to investment managers for managing assets; commissions paid to brokers for trading securities on a per share basis; and profit share as defined by §815.3015(a)(2) of the Texas Government Code.      
       (5) "Fees netted from returns" means an amount that an investment manager collects or retains from earned investment returns rather than from the pension trust fund.      
       (6) "Governing body of a public retirement system" means as provided by Texas Government Code §802.001(2).      
       (7) "Investment expense" means direct and indirect fees and commissions and amounts retained or paid for investment services.      
       (8) "Investment manager" means as defined by §802.204 of the Texas Government Code.      
       (9) "Investment service" means a service provided to a public retirement system for general purposes of administering its investment program such as custodial, investment consulting, investment-related legal services, and research.      
       (10) "Public retirement system" means as defined by §801.001(2) and §802.001(3) of the Texas Government Code, but shall not include defined contribution plans as defined by Texas Government Code, §802.001(1-a) or retirement systems consisting exclusively of volunteers organized under the Texas Local Fire Fighters' Retirement Act as defined by Texas Government Code, §802.002(d).      
     Source Note:        The provisions of this §609.105 adopted to be effective March 15, 2020, 45 TexReg 1864