Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.

Contracts

Review Master Services Agreements (MSAs) with independent evaluators immediately.

• Remove: Clauses referencing the specific statutory 30-day or 60-day review windows for draft reports, as these statutes have been repealed.
• Insert: Language requiring deliverables to align with "the schedule of deadlines prescribed by the State Pension Review Board."
• Scope: Ensure the Scope of Work explicitly requires the vendor to submit a "substantially completed draft" for discussion prior to the final report, as strictly required by Subsection (e-1).

Hiring/Training

• Board Education: Trustees must be briefed that "Assets under Management" is no longer the sole determinant for evaluation frequency.
• Actuarial Coordination: Staff must coordinate with actuaries to ensure GASB 68 TPL figures are finalized and reported to the compliance team immediately upon calculation to assess evaluation triggers.

Reporting & Record-Keeping

• New Filing Deadline: The governing body must submit the final report to the PRB no later than the 31st day after receiving it from the independent firm.
• Mandatory Response: The final filing *must* include a description of any action taken or expected to be taken in response to the evaluator's recommendations. This is a statutory requirement, not an optional addendum.
• "Sticky" Jurisdiction: Document your status carefully. Once a system triggers a requirement (e.g., the 3-year cycle), it remains subject to that requirement until *both* total assets and TPL decrease below the threshold.

Fees & Costs

• Budget Impact: Systems with assets under $100M but TPL over $100M will see consulting costs double over a 6-year period, as they move from a 6-year cycle to a 3-year cycle.
• No State Fees: There are no new filing fees payable to the State.