Report on the Asset Allocation & Investment Performance of Texas Public Employee Retirement Systems

Every year, TEXPERs surveys members for information on their returns and their holdings. The result is the Asset Allocation and Investment Performance Report. Notably, the report provides ample evidence of the prudent management of public employee pensions. The reports are issued in the year following the results. For example, the 2014 report covers the 2013 results.

2023 Asset Allocation Study cover page



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TEXPERS’ Reports on Amortization Period Trends
The Texas Pension Review Board recommends using amortization periods, the amount of time needed to pay all current and future benefit obligations, as the single most appropriate measure of pension fund health. TEXPERS tracks amortization period trends to provide a high-level assessment of how Texas pension funds over 5-7 year periods.

November 2022 -- Report -- Charts -- Press Release
November 2020 -- Report -- Charts -- Press Release
November 2019 -- Report -- Charts -- Press Release
October 2018 -- Report -- Charts -- Press Release
October 2017 -- Report -- Charts -- Press Release
April 2017 -- Report -- Charts
August 2016 -- Report & Charts
September 2015 -- Report & Charts

Pension Review Board Plan Review Data Chart
A color-coded data chart displaying amortization periods, funded ratios, discount rates, and actual contributions as a percentage of actuarial defined contributions, payroll growth rate and unfunded liabilities as a percentage of payroll. 

Special Report: Despite lowered target rates, Texas pension funds improve amortization periods
When viewed in the aggregate and over time, Texas’ local pension funds have dramatically lowered their assumed rates of return for the last six years while also improving, by lowering, their pay-off periods for pension fund liabilities. The combination offers evidence that Texas pension systems are achieving stewardship goals for healthy defined benefit plans. Click here for the report.

Enduring Challenges: Examining the Experiences of States that Closed Pension Plans

A new series of case studies finds that states that shifted new employees from defined benefit pensions to defined contribution or cash balance plans experienced increased costs for taxpayers, without major improvements in funding.

Tried and Proven: City Employees, Sound Budget Management and Defined Benefit Plans

This brochure provides a summary of reasons as to why defined benefit plans are the best option for the cities and taxpayers of Texas.

TEXPERS Perryman Study

The Perryman Group, an economic analysis firm, found that payments to Texas retirees from the state's largest public retirement systems and local pension systems create $10 billion in annual economic stimulus for the Texas economy.

TEXPERS Special Report 1 --- "Fact and Fiction in the Laura and John Arnold Foundation's Solution Paper 'Creating a New Public Pension System" 

In this fact-checking article, TEXPERS responds to various myths about defined benefit plans. The paper responds to assertions that are made the Laura and John Arnold Foundation's first policy paper on the need to change public employee pensions from defined benefit to defined contribution plans.

Pension Trustee Advisors Study --- "TEXPERS DBDC Analysis"

TEXPERS, with the support of the three public employee retirement systems in Austin, Houston and San Antonio, asked William B. Fornia and Pension Trustee Advisors, Inc. (PTA) to compare defined benefit pension plans to 401(k)-type defined contribution retirement savings plans using actual employee data for those systems. Pension Trustee Advisors found that for the profiles of Texas workers in three selected systems, the defined benefit plans'­ costs ranged from 39% to 44% less than the defined contribution costs to provide the same levels of retirement benefits.







Partner Research and Study Papers

Pensionomics 2023: Measuring the Economic Impact of DB Pension Expenditures

This National Institute on Retirement Security report calculates the national economic impacts of U.S pension plans, as well as the impact of state and local plans on a state-by-state basis.

Decisions, Decisions: An Update on Retirement Plan Choices for Public Employees and Employers

This National Institute on Retirement Security study finds that public sector employees with retirement plan choice overwhelming choose defined benefit (DB) pensions over 401(k)-type defined contribution (DC) individual accounts.

Don't Dismantle Public Pensions Because They Aren't 100 Percent Funded

According to this National Conference on Public Employee Retirement Systems research series brief, new research shows that funding status has little correlation with a pension fund's ability to pay the promised benefits.


Public Pensions are a Good Deal for Taxpayers

This National Conference on Public Employee Retirement Systems research series brief finds that public pensions are beneficial to taxpayers in a variety of ways that are under-reported and poorly understood by many observers.


Economic Loss: The Hidden Cost of Prevailing Pension Reforms

This National Conference on Public Employee Retirement Systems study explores how much economic damage will occur in 2025 if the dismantling of public pensions continues and what can be done to address funding issues without dismantling of public pensions. 


State and Local Government Contributions to Statewide Pension Plans: FY 15

This National Association of State Retirement Administrators brief describes how contributions are determined, the recent public employer contribution experience, and trends in employer contributions over time.


Why Pensions Matter

This National Public Pensions Coalition report examines the history of public pension plans in the United States. In tracing their development, the report considers why public pensions are still important today.


TLFFRA Survey of Investment Experience 1995 to 2022

This presentation shows the 2022 rates of return for 41 plans in the Texas Local Fire Fighter Retirement Act (TLFFRA) system, which covers full-time firefighters.