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PRB warns 13 pension systems face noncompliance notices over late fiscal reports
Summary
PRB staff said 13 systems have not submitted 2024 fiscal data; 60 days of noncompliance will trigger sponsor notification and potential listing at the next board meeting; staff named a few specific late reports.
PRB staff informed the board that 13 public retirement systems had not yet submitted required fiscal year 2024 reports and that the agency will begin issuing 60-day noncompliance notices in October if missing reports are not received.
"There'll be 60 days non compliance starting in October if the reports are not received before then," Brian Burnham, PRB staff analytical services team lead, told the board. After 60 days of noncompliance, the system's sponsoring entity receives a notice and the system is placed on the PRB's noncompliance list for the next board meeting.
Burnham identified several specific issues. The Nacogdoches County Hospital District Retirement System has not yet submitted its final audited financial report for fiscal 2024. Floresville Electric's retirement system submitted reports in 2023 that lacked required detail on direct and indirect investment fees; the actuary for that system has contacted PRB staff and offered to help the system bring its reports into compliance. Burnham also said Dallas Employees Retirement Fund and Dallas County Hospital District are working on outstanding actuarial items, and staff remain unsure whether Beaumont and Laredo are actively addressing required actuarial audits.
The PRB uses annual or biennial valuation cycles to track systems; staff said delayed valuations shorten the window systems have to develop corrective plans if an FSRP is triggered. Burnham said staff sent reminder notices on Sept. 18 to systems whose reports were overdue and that PRB will notify sponsoring entities if reports remain missing after the 60-day period.
