TX HB3474

Public retirement systems with at least $100 million in total assets must conduct investment practice evaluations every three years; systems with $30-100 million in assets must conduct evaluations every six years

Systems on a six-year evaluation cycle must accelerate to a three-year cycle if their total pension liability increases to at least $100 million during a fiscal year

Systems remain subject to their evaluation requirement unless both total assets and total pension liability fall below the applicable minimum threshold ($30 million or $100 million)

Systems with less than $30 million in total assets as of the fiscal year immediately preceding the next evaluation deadline are exempt from the evaluation requirement

State Pension Review Board must develop the schedule of evaluation deadlines by January 1, 2026; the act takes effect September 1, 2025