"The notes make clear that the governor's proposal deliberately targeted the elderly. The state was only seeking to take out life insurance on people between the ages of 75 and 90. At a separate meeting five days later, the plan's proponents discussed the "mental capacity" of these retirees to grant consent as one of three major technical obstacles to the plan, according to notes from that meeting.
At the first meeting, Morrissey said it could take 10 to 12 years for Texas to "earn" money from the scheme, but insisted the deal could be worth up to $700 million for the state if the retirement fund could sign up 40,000 retired teachers.
The meeting notes show Insurance Commissioner Jose Montemayor, a Perry appointee, joined Morrissey in the sales pitch, claiming that "this arrangement" was already being utilized by "some very rich people" who had set up similar plans to benefit the University of Texas and Texas A&M."