RFQ for Fiduciary Outside Legal Counsel

The Teacher Retirement System of Texas is requesting qualifications for outside fiduciary legal counsel to advise the TRS Board of Trustees, with responses due December 15, 2026 at 5:00 p.m. Central time. TRS is a $226.3 billion defined-benefit public pension plan serving more than 2.1 million members and participants.

Counsel must possess substantial practical knowledge in fiduciary law, trust law, the Texas Trust Code, ERISA-based principles, pension administration, investment matters, and public plan administration. All attorneys assigned to TRS matters must be licensed in Texas or have applied for admission to the Texas Bar; the lead fiduciary counsel must provide documentation of good standing. Counsel will attend all TRS Board and committee meetings, provide timely legal opinions on fiduciary duties and ethics questions, review and comment on investment policies, develop training materials on fiduciary responsibility, and advise on potential liabilities of trustees. TRS estimates fiduciary counsel will require approximately ten to thirty hours of lead attorney time each quarter, though special projects may require substantially more time.

The Office of the Attorney General of Texas currently limits attorney fees to $525 per hour and paralegal rates to $225 per hour, though alternative fee arrangements may be considered. The initial contract term is two years commencing on or after September 1, 2027, with one optional two-year renewal term through August 31, 2031. All engagements require OAG approval and are non-exclusive.

Respondents must carry professional liability insurance of at least $1 million and comply with TRS's Code of Ethics for Contractors. Strict conflict-of-interest requirements apply, including prohibitions on representing plaintiffs in proceedings seeking monetary damages from the State of Texas and restrictions on representing clients before TRS within six months of engagement. Responses must include a Qualifications Questionnaire, a Qualifications Narrative, and Required Forms, submitted via email to LegalRFQ@trs.texas.gov. Questions are due December 1, 2026 at 5:00 p.m. Central time. TRS will evaluate proposals based on qualifications and subject matter expertise, representative experience, commitment to TRS processes and service delivery, and ethics considerations, with respondents potentially required to attend interviews in Austin or via videoconference.