Compliance Policy
In August 2013, the PRB adopted the Policy for Regulation of Non-Compliant Retirement Systems. This policy lays out the steps to be taken when a system has failed to submit its reports in a timely manner.
The policy includes reminder letters sent to the system prior to its due date, late notifications, and if a plan has not submitted its annual reports by the 60th day after its due date, the plan’s sponsor will be contacted, and the plan’s name will be listed on the PRB’s Non-Compliant list.
Exemptions
Defined contribution plans and volunteer fire fighter plans governed by the Texas Local Firefighters Retirement Act are exempt from reporting to the PRB, except for any changes to registration or benefit information. There are other listed reporting exemptions under Sections 802.001, 802.002(a) and (c).
