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PRB staff proposes broader policy updates to track noncompliant retirement-system reports
Summary
PRB staff proposed updating the board's policy on regulating noncompliant retirement systems to cover additional reporting forms and to formalize reminder and late-notice timelines; staff said the changes align policy with current practice and do not alter statute.
Bryan Burnham, analytical services team lead for the PRB, presented proposed revisions to the agency's policy for regulating noncompliant retirement systems, saying the updates are intended to align policy language with current agency practice rather than change statute.
Burnham told the committee the policy, originally adopted in 1996 and last updated in 2013, currently focuses on a small set of reports with fixed statutory deadlines. The proposed update would expand coverage to include all required reporting (examples cited by staff included MET forms, PRB 150 and PRB 2000) and clarify the PRB's existing practice of sending reminders roughly 60 and 15 days before a due date and late notices 15 and 45 days after a missed deadline.
"The proposed changes aim to better line up the policy with current practices," Burnham said, describing the agency's ability to track a wider set of submissions such as actuarial audits and experience studies presented at board meetings.
Committee members recommended adding a chart that lists report names and due dates to make responsibilities clearer to trustees; staff agreed and noted the update would not change statute. The committee discussed timelines for stakeholder feedback and next steps; staff will seek input in the coming months and present the updated policy at the July full-board meeting with possible adoption in September if further revision is not requested.
No formal action was taken at this meeting on the policy changes. Staff said the FSRP compliance policy adopted in 2022 remains separate from this policy update and that the revisions under discussion are internal policy clarifications to streamline communications and reporting oversight.
