The Texas Pension Review Board (PRB) is a state agency that oversees all Texas public retirement systems, both state and local, regarding their actuarial soundness and compliance with state reporting requirements. The PRB provides pensioners and fund managers with news, education, and guidance. The next Texas Pension Review Board meeting is scheduled for 10 a.m. on Wednesday, March 6, 2024, at the William P. Clements Building in Austin, Texas.

The Texas Pension Review Board committee creating rules for implementing House Bill 3898 accepted new, flexible proposals from the staff at its May meeting. The rules will be presented to the full Board on July 14 and the official public comment period will begin. Ultimate consideration of all comments and changes is planned for the October PRB meeting.

Robert "Bob" May, a former actuary member of the Texas Association of Public Employee Retirement Systems through his more than 50-year career as a principal actuary at Rudd and Wisdom Inc., died May 24, 2022. 

Public defined benefit (DB) plans face intensifying pressure as modest expectations for future investment returns continue to fall short of actuarial discount rates. Post-pandemic market conditions have magnified the challenge as investment consultants continue to lower their capital markets assumptions in the face of low interest rates and rising equity market valuations, which both point to leaner future returns.