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PRB: investment returns improving overall but four plans flagged for high assumptions; board adopts evaluation schedule under HB3474
Summary
PRB staff said most systems' 10-year net returns have improved toward 7%; staff asked four plans using 7.75%+ return assumptions to provide capital-market assumptions and asset allocations. The board also prepared to adopt an investment-practices evaluation schedule required by recently passed HB3474, with the next cycle due June 1, 2027.
PRB investment staff told the board on Wednesday that most Texas retirement systems posted improved 10-year net returns in 2024 and that investment expenses for the majority of systems are near or below national averages.
"The majority of systems have had a good year as far as 2024 is concerned with their investments," Robert Munter, PRB investment analyst, said. He said many systems' 10-year net returns are now consolidating around the 7 percent level and that…
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