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The Teacher Retirement System of Texas has a big problem on its hands. A few weeks ago, it was discovered that TRS—the state agency responsible for overseeing teacher pensions—had signed a multi-year lease for luxurious office space in downtown Austin costing more than $326,000 per month. That handsome sum secured 100,000 sq. ft. spanning three floors at the not-yet-open Indeed Tower, a stunning high-rise featuring “extensive office amenities, including a fitness center, dedicated conference center and outdoor terraces.” Not surprisingly, news of the luxury lease didn’t sit well. Even the Texas Retired Teachers Association, a special interest not known for…

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