By Allen Jones/TEXPERS Communications Manager
State
and local public pension plans experiencing operational disruptions due to
COVID-19, the new coronavirus causing an outbreak of respiratory illness and
workplace shutdowns worldwide, should reach out to the Texas Pension Review Board if state-mandated reporting deadlines cannot be met.
The
Pension Review Board recently posted an update to its website stating the state
agency understands interruptions caused by the current pandemic may affect the
ability of plan administrators to submit reports. However, the message does not
provide specifics on how agency staff will be able to work with pension
plans.
“We
understand that plans may be experiencing disruptions due to COVID-19, which
may affect the ability to submit timely reports,” the PRB states on its
website. “The agency will work with any plans affected to address delays in
reporting. Staff is available to assist in any way we can.”
TEXPERS
reached out to the PRB to obtain additional information and will update this
article as more details become available.
State
and local public pension plans are facing a May 1 deadline to begin providing
an analysis of each retirement system’s investment processes. The new report is
the result of Senate Bill 322, signed into law by Gov. Greg Abbott on June
10.
The
bill requires pension plans to begin reporting how much each fund spends
seeking returns through bonds, stocks, hedge funds, real estate, private
equity, and cash. Some TEXPERS members were hoping to have an extension on the
new report’s deadline, but because it is established by law, Pension Review
Board staff are unable to change the reporting deadline.
Plan administrators may call the Pension Review Board’s Austin office at 512-463-1736
or visit its website at www.prb.texas.gov to obtain additional information.
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