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.
Funding Policy and Funding Soundness Restoration Plan Draft Legislative Recommendations
On September 29, 2020, the PRB Actuarial Committee considered comments concerning potential changes to the funding policy and funding soundness restoration plan statutes. The Committee directed staff to develop draft legislative recommendations incorporating comments and committee discussion. Staff has condensed and reorganized the recommendations into a simpler document for ease of review and posted the draft on its website here:
Please note that in response to stakeholder comments, an additional recommendation option has been included to allow two years to formulate an FSRP.
We are not asking for additional written comments at this time.
The Board will be providing an opportunity for public testimony to hear comments on the draft recommendations at the PRB meeting on November 12, 2020.
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.