Next Review Date: 2028-2029 Review Cycle - 91st Legislative Session
Last Review Cycle: 2012-2013 Review Cycle - 83rd Legislative Session
Final Results of Last Sunset Review
The following material summarizes results of the 2012-2013 Sunset review of the Pension Review Board, including statutory changes made through Senate Bill 200 (83R) and management actions directed to the agency that did not require statutory changes. For additional information see the State Pension Review Board Sunset Final Report with Legislative Action.
Continuation and Governance
- Continues the State Pension Review Board for 12 years.
- Removes the two legislative members from the Board, reducing the Board’s size from nine to seven members, each of whom is appointed by the Governor.
- Exempts defined contribution and local volunteer firefighter pension plans from PRB reporting requirements except for registration and basic plan information.
- Directs the agency to stop collecting unnecessary quarterly financial data from retirement systems. (management action – nonstatutory)
Enhanced Reporting Requirements
- Requires public retirement systems to provide PRB with a summary of significant plan changes within 30 days, rather than 270, of their adoption.
- Requires public retirement systems that conduct experience studies to submit copies of the studies to PRB.
- Clarifies in statute that sponsoring entity audits do not satisfy retirement systems’ annual financial reporting requirements.
Retirement System Training
- Clarifies the agency’s authority to provide training in a way that is accessible to all public retirement system trustees and administrators.
- Directs PRB to develop training content that more directly assists public retirement systems with managing their plans. (management action – nonstatutory)
Prohibition on Investments with Iran
- Prohibits the statewide retirement systems from investing in companies engaged in certain business operations with the government of Iran. The bill requires PRB to create and maintain a list of those companies and provide it to the statewide retirement systems.
Across-the-Board Recommendations and Reporting Requirements
- Applies standard Sunset Across-the-Board recommendations to the State Pension Review Board.
- Continues requiring PRB to submit its biennial report to the Legislature.