Texas Pension Review Board

What Texas Pension Review Board does

The Texas Pension Review Board (PRB) is an independent Texas state regulatory agency created in 1979 by House Bill 1506 under Chapter 801, and re-authorized under Chapter 802, of the Texas Government Code. It is mandated to oversee all 355 Texas public retirement systems, encompassing 101 actuarially funded defined benefit plans, $424 billion in net assets, and 3.6 million members, to ensure actuarial soundness, compliance with state reporting requirements, and equitable benefits at minimum cost to taxpayers. Its service portfolio includes the Minimum Educational Training (MET) program (delivered through seven free in-house online courses and 18 accredited training providers), the Texas Public Pension Data Center (data.prb.texas.gov), the PRB Pension Online Reporting Tool (portal.prb.texas.gov), actuarial valuation and investment performance reports, Investment Practices and Performance Evaluations (IPPE) for plans with at least $30 million in assets, Funding Soundness Restoration Plans (FSRP) for distressed systems, and Intensive Reviews of at-risk plans.

The agency is staffed by 11 named personnel plus two open intern positions (Actuarial Intern and Policy Intern), headquartered at 300 W 15th Street, Suite 406, Austin, Texas. The leadership team includes Executive Director Amy Cardona, Deputy Director Ashley Rendon, Chief Actuary David Fee, Director of Business Operations Antonio Araguz, and General Counsel Tamara Aronstein, supported by specialists covering TLFFRA firefighter plans, investment analysis, business intelligence, communications, and education. The agency is governed by a board with separate actuarial, education, and investment committees, and conducts public outreach through board meetings, a weekly electronic news clip service, a YouTube channel, and a LinkedIn presence.

The PRB does not operate a commercial business model; it is funded entirely through Texas state legislative appropriations and provides its core services free of charge to regulated entities. Its go-to-market is statutory rather than commercial: services such as actuarial guidance, funding policy support, investment oversight, trustee education, and intensive reviews of distressed systems are mandated by state law rather than sold. Customer segments are organized vertically by system type (statewide, municipal, local firefighter, district/supplemental) and by persona (trustees and administrators subject to MET requirements).

Name

Texas Pension Review Board

Legal name

Texas Pension Review Board

Website

https://prb.texas.gov

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

11–50 employees

Short description

The Texas Pension Review Board is an independent Texas state agency that oversees all 355 Texas public retirement systems, encompassing $424 billion in assets and 3.6 million members, to ensure actuarial soundness, compliance, and trustee education under a state statutory mandate.

Ownership category

akta.pro rank

Product category

Public Pension Regulatory Oversight

akta.pro industry

PRIMARYBPAIAKAA

Pensions & Retirement Benefits Administration

Business & Public Services/Public Sector & Government Administration/Social Security, Benefits & Welfare Administration

Keywords

• Public pension oversight
• Actuarial review services
• Pension compliance monitoring
• Trustee education programs
• Retirement system regulation

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. State Government Appropriations: Funded through Texas state legislative appropriations as an independent state agency created in 1979 by House Bill 1506.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

The Texas Pension Review Board is a state government oversight agency that monitors all Texas public retirement systems (state and local) for actuarial soundness and compliance with state reporting requirements under Chapter 802, Texas Government Code. It delivers statutory oversight covering 355 public retirement systems, administers the Minimum Educational Training (MET) program for trustees and administrators, conducts intensive reviews of financially distressed systems, runs the Funding Soundness Restoration Plan (FSRP), and Investment Practices and Performance Evaluations (IPPE), and publishes actuarial valuation and investment performance reports.

Product overview

The Texas Pension Review Board (PRB) is a state government oversight agency, not a commercial technology company. Its portfolio consists of government-mandated services including: the PRB Pension Online Reporting Tool for secure report submissions; the Texas Public Pension Data Center for public pension data; the Minimum Educational Training (MET) Program with seven free online courses and six CE courses for trustee education; actuarial valuation and investment performance reporting services; the Funding Soundness Restoration Plan (FSRP) program for distressed plans; Investment Practices and Performance Evaluations (IPPE); Intensive Reviews of at-risk systems; and PRB News Clips. These services are interconnected components of PRB's statutory mandate to oversee actuarial soundness and compliance of Texas public retirement systems.

Differentiator

Problem solved

Functional benefit

Products and services

• PRB Pension Online Reporting Tool A secure online portal for Texas public retirement systems to submit annual reports and other required filings to the PRB, replacing email-based submissions.
• Texas Public Pension Data Center An online data portal providing current, historical, and comparative public pension information for Texas retirement systems.
• Minimum Educational Training (MET) Program A state-mandated training program requiring trustees and administrators of Texas public retirement systems to complete educational requirements. The program provides seven core courses and continuing education courses.
• PRB Online Courses Seven free online core courses and six online continuing education courses available through the MET Program, counting toward trustee and administrator education credits.
• Actuarial Valuation Reports Periodic updates on actuarial valuations received from Texas public retirement systems, providing analysis of systems' financial conditions.
• Investment Performance Report Annual report compiling and summarizing investment practices and performance evaluations from Texas public retirement systems as required by Section 802.109, Texas Government Code.
• Funding Soundness Restoration Plan (FSRP) A program for financially distressed public retirement systems to develop restoration plans to improve funding status, as required by Texas statute.
• Investment Practices and Performance Evaluation (IPPE) Independent evaluations of public retirement systems with assets of at least $30 million, assessing investment practices and performance as required by Section 802.109, Texas Government Code.
• Intensive Reviews In-depth analyses of public retirement systems identified as having potential or existing problems threatening actuarial soundness, as required by Section 801.202(2), Texas Government Code.
• PRB News Clips Weekly electronic news clip service covering Texas public retirement systems, national pension and investment news, research reports, and relevant editorials.
• Guide to Texas Public Retirement Systems Legislative reference guide providing current actuarial, financial, benefits and governance data on Texas public retirement systems, published before each legislative session.

Quantifiable outcome

• 355 public retirement systems receive oversight
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Others

• Foster & Foster: Actuarial consulting firm specializing in public-sector pensions, including Texas firefighter plans. Comparable because it provides actuarial services PRB evaluates in its TLFFRA and intensive review programs.
• Cheiron: Actuarial consulting firm serving public pension plans, including Texas systems. Comparable because it provides actuarial valuations and funding policy advice that PRB reviews as part of its oversight mandate.
• Texas State Auditor's Office: Texas state-level audit and oversight body. Comparable because it conducts independent reviews of Texas public entities — including retirement systems — using similar statutory authority and audit methodology.
• National Association of State Retirement Administrators (NASRA): Membership association of state retirement system administrators. Comparable because it aggregates data and policy analysis across U.S. state pension systems, complementing PRB's Texas-specific oversight work.
• Government Accountability Office (GAO): Federal oversight and audit body that reviews public pension issues at the federal level. Comparable because it produces legislative and accountability analysis for public retirement systems across jurisdictions, mirroring PRB's oversight function at the state level.
• Segal Group: Actuarial, benefits, and HR consulting firm serving public-sector retirement systems. Comparable because it supports many of the same Texas public pension plans PRB oversees with actuarial valuations and funding analysis.
• Texas Comptroller of Public Accounts: Texas state-level financial oversight authority. Comparable because it shares PRB's role of providing state government financial transparency, fiscal reporting, and accountability infrastructure across Texas public entities.
• Gabriel Roeder Smith & Company: Actuarial consulting firm serving U.S. public pension plans. Comparable because it performs actuarial valuations for many of the Texas local government retirement systems subject to PRB oversight.

Broad incumbents

• CalPERS: California's largest public pension system. Comparable because it operates within the same public-pension regulatory ecosystem PRB oversees, and its reporting and governance practices are benchmarks PRB references in IPPE and funding reviews.
• Washington State Investment Board: State agency managing public pension investment portfolios. Comparable as another state-level institutional body operating in the same public-pension oversight and reporting ecosystem PRB regulates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@texaspensionreviewboard
• LinkedInlinkedin.com/company/texas-pension-review-board

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Texas Pension Review Board