The Texas Pension Review Board meets Sept. 25 in Austin, and what happens there matters to every trustee and administrator managing a public employee retirement system in Texas. The agenda covers funding policies, compliance, and investment oversight — the very issues that shape how our systems operate and plan for the future.

The Story

Here’s what’s on the table at the upcoming meeting:

• Actuarial Committee: Review of actuarial valuation reports and Funding Soundness Restoration Plan (FSRP) compliance, along with updates on retirement systems that are behind on reporting under Section 801.209 of the Government Code.
• Investment Committee: Discussion of the Investment Data Report and draft updates to the Guidance for Investment Practices and Performance Evaluations, including a new evaluation schedule required by HB 3474 (89R). 
• Executive Director’s Report: Updates on PRB conferences and activities.

Why It Matters to TEXPERS Members

For trustees and administrators, this meeting isn’t just another line on the calendar.

• FSRP compliance: Systems with extended amortization periods will want to hear how PRB addresses ongoing challenges.
• Reporting obligations: Any changes could mean new deadlines or adjustments to the way plans prepare and submit their information.
• Investment oversight: Updates to guidance under HB 3474 may shift expectations for how boards evaluate managers and track performance.
• Advocacy: The meeting offers insight into oversight trends and a chance to anticipate where policy discussions may head next.

By the Numbers (as of July 10, 2025)

The last PRB update, issued in July, showed:

• 7 systems were immediately subject to an FSRP formulation requirement, including Midland Firemen’s, Beaumont Firemen’s, Sweetwater Firemen’s, Dallas Police & Fire, Marshall Firemen’s, Nacogdoches County Hospital District, and Wichita Falls Firemen’s.
• 7 systems were at risk of triggering FSRP requirements, such as Austin Firefighters, Greenville Firemen’s, Harlingen Firemen’s, McAllen Firemen’s, San Angelo Firemen’s, San Benito Firemen’s, and Texarkana Firemen’s.
• 2 systems with amortization periods between 30–40 years, but were not yet at risk: Laredo Firefighters and Longview Firefighters.
• Several systems — including Dallas Employees’ and Fort Worth Employees’ — had completed their FSRP requirements and returned to compliance

These figures are from the July 10 report. The Sept. 25 meeting is when new numbers will be reported.

What’s Next

The Sept. 25 meeting is a checkpoint, but the impact will carry forward. Trustees should pay attention to:

• FSRP shifts: Whether systems move off the list or new ones are added, signaling changes in financial health.
• Compliance watch: How PRB responds to late or missing reports and what that might mean for enforcement.
• Investment oversight: How the rollout of HB 3474 evaluation schedules will affect system timelines starting in 2026.
• Trustee planning: Upcoming reporting and training cycles where boards may need to adjust policies or calendars.

Dig Deeper

• View the PRB meeting agenda
• Join the meeting via Zoom
• Learn about the FSRP process

About the Author: Allen Jones is the director of communications and event marketing for TEXPERS. He joined the Association in 2017. Before TEXPERS, he worked in the news media industry, producing content for newspapers, magazines, and online publications and leading newsrooms as an editor and publications manager. [email protected]    

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Editor’s Note: This article was prepared with the assistance of artificial intelligence tools to support research, fact-checking, and formatting. Final content decisions, including writing, editing, and publication, were completed by TEXPERS staff.