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Pension Review Board Seeks Comments on 10-point Objectives Regarding Funding Policy and FSRP Requirements

Image by Gerd Altmann from Pixabay 

By ALLEN JONES/TEXPERS Communications Manager

The Texas Pension Review Board is seeking feedback regarding changes it developed concerning legislative funding policy and funding soundness restoration plan statutes.

The Pension Review Board is a state agency charged with overseeing all state and local government public retirement systems in Texas concerning their actuarial soundness. The PRB's Actuarial Committee has outlined 10 objectives regarding the statues and is looking for comments from public pension systems and other interested parties. 

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In an Aug. 28 email from the PRB, the agency linked to a document of its proposed changes but pointed out that the reforms "are not fully developed."

"At this time, the PRB would appreciate comments, creative thoughts, and feedback on what is included in the document, or other ideas on how to accomplish the outlined objectives," according to the state agency's email, a copy of which is posted to the PRB's website.

The deadline to present public comments is Monday, Sept. 14. Email comments to prb@prb.texas.gov. The PRB's email states that agency staff is also available for discussion by phone. The PRB toll-free phone number is 800-213-9425.

PRB staff intends to submit comments to the Actuarial Committee during its scheduled meeting on Sept. 29, when the committee will determine which potential changes to the legislative statutes it will recommend to the agency's full Board of directors during a meeting on Nov. 12. The Board will then decide on the final legislative recommendations to present to the state Legislature.

To download the document, click here.

Below are the outlined changes presented in the document (click images to enlarge):

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House Committee requests written submissions regarding public pension charges

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By TEXPERS STAFF

TEXPERS system members have until 5 p.m. CT on Friday, Aug. 28, to provide written responses regarding interim charges of the House Committee on Pensions, Investments, and Financial Services.

The committee issued a notice of formal request for information on Tuesday, Aug. 4, stating that due to the uncertainty of scheduling interim hearings during the novel coronavirus pandemic, it is seeking written submissions from interested parties and the public regarding three charges.

> NOTICE: Access the formal committee request.

According to its notice, the House Committee is seeking responses on the following charges:

• Interim Charge 2: Monitor the Teacher Retirement System’s actions in implementing high deductible regional plans for certain school districts interested in providing alternatives to the current TRS-ActiveCare options.
• Interim Charge 4: Review and evaluate the actuarial soundness of the Employees Retirement System and TRS pension funds. Examine the cost of and potential strategies for achieving and maintaining the actuarial soundness of the funds. Examine the effect the unfunded liabilities could have on the state’s credit. Examine the state’s investment policies and practices, including investment objectives, targets, disclosure policies, and transparency.
• Interim Charge 5: Monitor the State Auditor’s review of agencies and programs under the committee’s jurisdiction.

TEXPERS members who would like to provide their opinions on the charges should email them to jason.briggs@house.gov. Written responses should be submitted in Word format, limited to six pages of text. The page limit does not include photos, graphs, spreadsheets, or charts supporting the submissions. All submissions must include the name of the submitter, organization or entity they are with, their mailing address, email, and phone number.

After the submission deadline, received written responses are to be shared with each member of the committee. A copy of all submitted comments also will be made available to the public.

Part of the House Committee on Pensions, Investments, and Financial Services’ commission is to preside over matters about benefits or participation in benefits on a public retirement system and the financial obligations of a public retirement system. The 11-member committee is chaired by Rep. Jim Murphy, R-Houston.