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PRB to work with plans facing delays in mandated reporting due to pandemic

  • By: admin
  • On: 04/09/2020 14:43:57
  • In: News
  • Comments: 0
UPDATE APRIL 13, 2020 - State and local public pension plans experiencing operational disruptions due to COVID-19, the novel 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.”
 
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. 

TEXPERS contacted Texas Pension Review Board staff and board in regards for guidance to the systems regarding upcoming due dates for required annual reports. The following reply is from the executive director of the PRB:
 
“Given the situation surrounding the COVID crisis is fluid, we promptly responded by first sending out a general communication to our systems back in mid-March noting that we would work with them to address delays in reporting.”
 
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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