The Pension Review Board (PRB) met on January 28, 2010 to review board policy statements and received several reports. Chris Hanson, Executive Director of the PRB, noted they are in the process of identifying where they would make their 5 percent reductions. He does believe they can make the reductions without impacting their services. The reductions must be submitted to the Legislative Budget Board by February 15, 2010.
During the interim the Senate State Affairs Committee has one charge that the PRB is following, “Monitor the actuarial and financial conditions of the pension and health care programs administered by the Teacher Retirement System and the Employees Retirement System.” In addition to monitoring the one Senate interim charge, they will also be following interim charges before the House Pensions & Investments. Rep. Vicki Truitt was present at the meeting and noted that the House meetings will start sometime in the Spring.
The board also charged the PRB staff with developing reports on board policy statements which will be delivered during the April meeting of the PRB.
Chris Hanson gave an update on the reporting requirement exemption requests. Certain defined contribution plans are asking if they are exempt from state reporting requirements. Since the PRB does not have legal counsel on staff, they have been in contact with the Attorney General’s Office and the Texas Legislative Council to gain insight on the scope of the language. This information may affect the non-compliance report. It should be noted that the language of the requirement can only be changed through legislation.
The next PRB meeting will be on April 29, 2010 and the PRB annual seminar will be held in Austin, Texas on June 15, 2010.
