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3 Document(s) [ Subject: Pension Review Board, Texas ]
Committee: | House Pensions, Investments, and Financial Services | |
Title: | Interim Report | |
Subjects: | Bonds | County government | Employees Retirement System of Texas | Foreign investments | Pension Review Board, Texas | Public retirement systems | Russia | Tax evasion | Teacher retirement | Teacher Retirement System of Texas | | |
Library Call Number: | ||
Session: | 87th R.S. (2021) | |
Online version: | View report [44 pages File size: 1,440 kb] | |
Charges: | This report should address the charges below. | |
1. | Monitor the agencies and programs under the Committee's jurisdiction and oversee the implementation of relevant legislation passed by the 87th Legislature. Conduct active oversight of all associated rulemaking and other governmental actions taken to ensure the intended legislative outcome of all legislation, including the following:
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2. | Review and evaluate the actuarial soundness of the Employees Retirement System (ERS) and Teacher Retirement System (TRS) pension funds. | |
3. | Review the Texas Local Fire Fighters Retirement Act to ensure proper governance and financial oversight. Examine whether the Pension Review Board has proper oversight and authority to implement necessary corrective measures. | |
4. | Evaluate the actuarial soundness of the Law Enforcement and Custodial Officer Supplemental Retirement Fund and Judicial Retirement System of Texas Plan 2. Identify strategies to reduce and eliminate existing unfunded liabilities and recommend structural enhancements that improve the financial health and viability of the funds moving forward. | |
5. | Review the impact of investments by public retirement systems of their endowment and other trust funds in businesses and funds owned or controlled by the Russian government or Russian nationals, and determine the need for investment restrictions. Consider the impact of any proposed investment restrictions on fund performance. | |
Supporting documents | ||
Committee: | House Pensions, Investments, and Financial Services | |
Title: | Committee meeting handouts and testimony, August 16, 2022 | |
Library Call Number: | ||
Session: | 87th R.S. (2021) | |
Online version: | View document [66 pages File size: 1,886 kb] | |
Committee: | House Pensions | |
Title: | Interim Report | |
Subjects: | Employees Retirement System of Texas | Financial investments | Governmental Accounting Standards Board | Law enforcement | Pension liabilities | Pension Review Board, Texas | Public retirement systems | | |
Library Call Number: | L1836.84 P387 | |
Session: | 84th R.S. (2015) | |
Online version: | View report [16 pages] | |
Charges: | This report should address the charges below. | |
1. | Study the impact that fluctuations in global financial markets have had on public pension funds. Analyze assumed rates of return on investments, structures among asset classes, long-term and shorter-term investment goals, and make appropriate recommendations to ensure the investment structure of public pension funds are meeting fiduciary responsibilities. | |
2. | Examine Texas pension funds’ compliance with Governmental Accounting Standards Board (GASB) Financial Reporting Statements 67 and 68, and identify the effect the reporting requirements are having on the state's pension systems. | |
3. | Examine the immediate and long-term fiscal impact to the state of the unfunded liabilities for the Law Enforcement and Custodial Officer Supplemental Retirement Fund (LECOS) as part of the Employees Retirement System of Texas (ERS). Make appropriate legislative recommendations. | |
4. | Examine the fiscal and policy impacts of structural reforms that would increase state public pension plans' ability to achieve and maintain actuarial soundness. Evaluate the feasibility, costs, and benefits of utilizing one-time funding increases to reduce or eliminate unfunded liabilities. | |
5. | Evaluate the investment performance benchmarks utilized by the state's pension funds and the impact portfolio diversification and short- and long-term market assumptions have had on achieving expected investment returns. Analyze the fee structure and investment strategy for various investment classes to ensure the costs are reasonable and competitive versus other large public and private pension trust funds. | |
6. | Conduct legislative oversight and monitoring of the agencies and programs under the committee's jurisdiction and the implementing of relevant legislation passed by the 84th Legislature. In conducting this oversight, the committee should: a. consider any reforms to state agencies to make them more responsive to Texas taxpayers and citizens; b. identify issues regarding the agency or its governance that may be appropriate to investigate, improve, remedy, or eliminate; c. determine whether an agency is operating in a transparent and efficient manner; and d. identify opportunities to streamline programs and services while maintaining the mission of the agency and its programs. |
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