Texas Pension Review Board

The Texas Pension Review Board (PRB) is mandated to oversee all Texas public retirement systems, both state and local, in regard to their actuarial soundness and compliance with state law. Our mission is to provide the State of Texas with the necessary information and recommendations to ensure that our public retirement systems, whose combined assets total in the multi-billions, are financially sound, benefits are equitable, the systems are properly managed, tax expenditures for employee benefits are kept to a minimum while still providing for those employees, and to expand the knowledge and education of administrators, trustees, and members of Texas public pension funds. Feel free to provide feedback and suggestions regarding the site.


Investment Expense Reporting

At its February 6th meeting, the PRB adopted Texas Administrative Code, Chapter 609 (Public Retirement System Investment Expense Reporting). The rules expand on Texas Government Code §802.103, which requires most retirement systems’ annual financial reports (AFRs) to include a listing, by asset class, of all direct and indirect investment fees and commissions paid by the retirement system during its previous fiscal year for the sale, purchase, or management of system assets.

The information is first required to be included in the 2020 fiscal year AFRs for systems with fiscal years ending in September. Please see the reporting schedule below for the first reporting period.

Initial Reporting Schedule:

Fiscal YearFiscal Year End DateAFR Due to the PRB
2020September 30, 2020April 29, 2021
2020October 31, 2020May 30, 2021
2020December 31, 2020July 30, 2021
2021February 28, 2021September 27, 2021
2021June 30, 2021January 27, 2022
2021July 31, 2021February 27, 2022
2021August 31, 2021March 30, 2022

All subsequent AFRs are required to include investment expense disclosures. 

Optional Template for Reporting Investment Expenses in Annual Financial Reports:

The PRB has developed a template to assist plans with reporting investment expenses in their AFRs. The template is an optional tool developed to assist plans. Plans are not required to use this format to comply with the requirements of §802.103, nor are they asked to submit templates to the PRB.

Please contact us if you need any assistance.


The Texas Pension Review Board (PRB) would like to provide important information in response to COVID-19.

Plan Report Submissions

We understand that plans may be experiencing disruptions due
to COVID-19, which may affect the ability to submit timely reports. The agency
will work with any plans affected to address delays in reporting. Staff is
available to assist in any way we can.

Please let us know if you have questions.