(a) In this section, “private investment fund,” “reinvestment,” and “restricted securities” have the meanings assigned by § 552.143.
(b) Chapter 551 does not require the board of trustees to confer with one or more employees, consultants, or legal counsel of the retirement system or with a third party, including representatives of an issuer of restricted securities or a private investment fund, in an open meeting if the only purpose of the conference is to receive information from or question the employees, consultants, or legal counsel of the retirement system or the third party relating to:
(1) investment transactions or potential investment transactions if, before conducting the closed meeting, a majority of the board of trustees in an open meeting vote that deliberating or conferring in an open meeting would have a detrimental effect on the position of the retirement system in negotiations with third parties or put the retirement system at a competitive disadvantage in the market; or
(2) the purchase, holding, or disposal of restricted securities or a private investment fund’s investment in restricted securities if, under § 552.143, the information discussed would be confidential and excepted from the requirements of § 552.021 if the information was included in the records of a governmental body.

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