The Teacher Retirement System of Texas (“TRS”) is charged by the Texas Constitution and state law with the administration of pension and group health insurance funds held in trust for active and retired TRS members and their beneficiaries. Accordingly, its trustees, employees, and certain of its contractors have fiduciary duties commonly associated with pensions and other trusts.
These duties extend not only to the investment activities but also to the application of TRS benefit provisions, the establishment of actuarial assumptions, the collection of amounts owed the fund, and the general administration of TRS. This page contains relevant policies, forms and reference materials to understand and comply with standards of conduct expected of trustees, employees, and contractors in view of these duties.

Ethics Policies
- Board of Trustees Ethics Policy
- Certification Regarding Public Nature of Responses
- Code of Ethics for Contractors
- Employee Ethics Policy
- TRS Personal Trading Policy
- Fraud, Waste and Abuse Policy
- Key Employee Determination Resolution
- TRS Compliance Charter
Ethics Forms
- Ethics Compliance Statement for Employees and Certain Contractors (TRS 539E)
- Disciplinary Action Disclosure Statement (TRS 540)
- Conflict of Interest Disclosure Statement for Contractors (TRS 541C)
- Conflict of Interest Disclosure Statement For Employees (TRS 541E)
- Expenditure Reporting Form for Contractors (TRS 543)
- Contractor Annual Ethics Compliance Statement (TRS 550)
- Disclosure Statement for Financial Services Providers
- Key Employee Enhanced Disclosures Form (TRS 678)