Fiduciary Responsibility

Innovative Solutions

Represent and advise the boards of public employee retirement systems on a variety of issues including:

  • The trustees’ duty of loyalty to plan participants and fiduciary responsibility.
  • Public pension funds’ compliance with plan documents.
  • Review and analyze the terms and coverages of fiduciary liability insurance.
  • The review and analysis of potential fund investments (i) to determine compliance with plan documents and fund investment policies and procedures; and (ii) to provide due diligence review.
  • The relationship between public pension fund trustees and their system fiduciaries, including investment advisors.
  • The relationship between public pension funds and their plan sponsors, including the obligation of plan sponsors to comply with funding requirements.
  • The review of, and comment to, public pension investment policies and procedures.

Significant Representations

  • Served as Fiduciary Counsel to the Teacher Retirement System of Texas (“TRS”). As Fiduciary Counsel, Bebb (i) advised the TRS Board of Trustees on issues involving fiduciary responsibility; (ii) conducted discussions and workshops on the current state of the law regarding fiduciary responsibility; and (iii) worked closely with the office of the TRS General Counsel and TRS staff in drafting and implementing investment policies and procedures.
  • Served as Counsel to the City of San Antonio Fire and Police Fund.
  • Represented public employee retirement systems in acquisitions of real estate projects including Rivercenter Mall on the San Antonio Riverwalk.
  • Served as special counsel to the National Conference on Public Employee Retirement Systems (“NCPERS”). In this capacity, Bebb (i) filed the amici curiae brief in Claypool v. Wilson on behalf of NCPERS; and (ii) advised NCPERS on selected fiduciary responsibility issues.
  • Bebb co-authored the first edition of the Overview of Public Pension Trustees’ Legal Environment, Case and Comments, published by the National Conference on Public Pension Employee Retirement Systems.
  • Bebb has authored and presented over fifteen papers addressing current issues facing the public pension fund industry.