Investment Practices and Performance Evaluation (IPPE)

Texas Government Code §802.109 requires Texas public retirement systems with assets of at least $30 million to select an independent firm with substantial experience to evaluate the appropriateness, adequacy, and effectiveness of the system’s investment practices and performance and to make recommendations for improving its investment policies, procedures, and practices. The Pension Review Board (PRB) provided informal guidance to assist systems in defining the scope and content of the evaluation.  

Report and Evaluations

Per statute, the PRB is required to submit an investment performance report to the governor and legislative leadership offices that compiles and summarize information received in the evaluations. The 2020 Investment Performance Report contains aggregate analysis of the evaluations, summaries of each individual evaluation and resources including a compilation of references from the evaluations to help systems access best practices and relevant benchmarking resources.

Please find the most recently completed evaluations below.

Abilene Firemen’s Relief & Retirement Fund
Amarillo Firemen’s Relief & Retirement Fund
Austin Employee’s Retirement System
Austin Firefighters Relief & Retirement Fund
Austin Police Retirement System
Beaumont Firemen’s Relief & Retirement Fund
Capital Metro Administrative Employees Pension Plan
City of El Paso Employees Retirement Trust
Corpus Christi Fire Fighters’ Retirement System
Corpus Christi Regional Transportation Authority
CPS Energy Pension Plan
Dallas County Hospital District Retirement Income Plan
Dallas Employees’ Retirement Fund
Dallas Police & Fire Pension System-Combined Plan
Dallas/Fort Worth Airport Board DPS Retirement Plan
DART Employees’ Defined Benefit Retirement Plan & Trust
Denton Firemen’s Relief and Retirement Fund
El Paso Firemen & Policemen’s Pension Fund
Employees Retirement System of Texas
Fort Worth Employees Retirement Fund
Galveston Employee’s Retirement Fund
Galveston Firefighter’s Relief & Retirement Fund
Guadalupe-Blanco River Authority
Harlingen Firemen’s Relief & Retirement Fund
Harris County Hospital District Pension Plan
Houston Firefighters’ Relief & Retirement Fund
Houston MTA Non-Union Pension Plan
Houston MTA Workers Pension Plan
Houston Municipal Employees Pension System
Houston Police Officers’ Pension System
Irving Firemen’s Relief & Retirement Fund
Irving Supplemental Benefit Plan
Killeen Firemen’s Relief & Retirement Fund
Laredo Firefighters Retirement System
Longview Firemen’s Relief & Retirement Fund
Lower Colorado River Authority Retirement Plan
Lubbock Fire Pension Fund
McAllen Firemen’s Relief & Retirement Fund
Midland Firemen’s Relief & Retirement Fund
Odessa Firefighters’ Relief & Retirement Fund
Plano Retirement Security Plan
Port Arthur Firemen’s Relief & Retirement Fund
Port of Houston Authority Retirement Plan
San Angelo Firemen’s Relief & Retirement Fund
San Antonio Fire & Police Pension Fund
San Antonio Metropolitan Transit Retirement Plan
Teacher Retirement System of Texas
Temple Firemen’s Relief & Retirement Fund
Texarkana Firemen’s Relief & Retirement Fund
Texas County & District Retirement System
Texas Emergency Services Retirement System
Texas Municipal Retirement System
THA Master Trust for Member Hospitals
The Woodlands Firefighters’ Retirement System
Tyler Firefighters’ Relief & Retirement Fund
University Health System Pension Plan
Wichita Falls Firemen’s Relief & Retirement Fund