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PRB staff flags noncompliance on actuarial audits; launches intensive study of Chapter 8‑10 plans
Summary
PRB staff reported outstanding actuarial‑audit and experience‑study submissions for several large systems and described a forthcoming focused study of Chapter 8‑10 plans that serve hospitals, utilities and other quasi‑public sponsors; surveys were sent and draft report will be presented in the fall.
PRB analytical staff told the board July 10 that several large retirement plans remain out of compliance with statutory requirements for actuarial audits and experience studies and described a new intensive review the agency is conducting of Chapter 8‑10 plans.
Brian Burnham, PRB analytical services manager, said the PRB sent notification letters and follow‑up communications to sponsors and systems with missing five‑year actuarial audits and experience studies (requirements apply to systems with at least $100,000,000 in assets). Burnham named systems that had never submitted an actuarial audit to PRB despite exceeding the asset threshold for years: Dallas County Hospital, Irving Fire, and Laredo Fire.…
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