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Texas Municipal Retirement System
October 23, 2009
Former TMRS chief lands at new Auto Workers' fund
Eric Henry, the former head of the Texas Municipal Retirement System, will drive the investment team of the newly created trust for retired auto workers’ health benefits, Pensions & Investments reports.
The $37 billion trust stems from labor agreements with the Big Three auto makers struck before General Motors and Chrysler filed for bankruptcy last spring. The United Auto Workers controls the trust, which is called the UAW voluntary employee beneficiary association.
Henry will serve as the chief investment officer.
In August, Henry resigned from TMRS after a two-year stint as the executive director and chief investment officer of the fund that serves some 800 small and midsized Texas cities. Henry oversaw a significant transition from an all-bond portfolio to gradually embrace stocks.
The search for Henry’s replacement — or replacements, given his two titles — is underway with a decision expected perhaps early next year.
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August 7, 2009
Texas Municipal Retirement System chief resigns
Eric Henry, executive director of the Texas Municipal Retirement System, has resigned after two years leading the pension fund for hundreds of small and midsize Texas cities, including Round Rock, Georgetown, Pflugerville and more than 800 other cities.
Henry is leaving to pursue other opportunities, said TMRS spokesman Bill Wallace, adding that he had no other specifics about Henry’s next endeavor. Henry will stick around until after the board meets Aug. 20 to decide its next step.
Despite his short tenure at the $14 billion fund, Henry accomplished what he was hired to do: steer the system through a difficult transition away from an ultra-conservative investment strategy.
The 60-year old fund had been solely invested in government and corporate bonds, a unique and unsustainable approach among large public pension funds.
In 2007, the TMRS board decided to change course and diversify its investments by adding stocks to the mix.
Henry was brought in to shepherd to that process, including getting legislation approved this past session that would allow TRMR to book unrealized income — such as the rising value of stock holdings — in the same way every other pension fund accounts for the investment gains.
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March 25, 2009
TMRS bill moves easily through House committee
A bill essential for the Texas Municipal Retirement System to continue the diversification of its portfolio faced no opposition Wednesday morning in the House Pensions, Investments & Financial Services Committee.
The committee voted 6 to 0 to report out House Bill 360, authored by Rep. Edmund Kuempel, R-Seguin, to the Local and Consent Calendar indicating that the bill likely faces easy passage on the House floor.
More on the TMRS transition is available in the Statesman story here.
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