Quick Facts

Actuarial Valuation

Actuarial valuation uses mathematical analysis to estimate the present value of future benefit payments or liabilities. It is often used to appraise the financial position of a pension fund and project future contribution requirements. Actuarial valuation involves using various inputs, assumptions and models based on statistical studies and experienced judgement.

Annual AV Reports for AFRF can be found on the Annual Financial Reports page.

Executive Director

The Executive Director oversees the day-to-day administration and operations of the Fund, including hiring and management of the Fund staff. This position may also be referred to as a system or fund administrator. The current Executive Director of AFRF is Anumeha Kumar. 

More information about the AFRF staff can be found on the Staff page.

Electronic Document Management System

An electronic document management system is a type of software that stores, organizes and manages digital documents and scanned paper records. AFRF recently transitioned from a paper filing system to an EDMS, which will be integrated into the new Pension Administration System software. 

EDMS implementation updates can be reviewed on the Minutes and Agendas page. 

Fund of Funds

A fund of funds is a type of investment fund that pools money from investors and invests it in other types of funds, rather than investing directly in stocks, bonds, or other securities. 

The Fund's quarterly investment reports can be found on the Investment Reports page.

Board discussions on investment strategies can be reviewed on the Minutes and Agendas page.

Funding Soundness Restoration Plan

Funding Soundness Restoration Plans are developed by Texas public retirement systems and their sponsors to improve the funding status of financially distressed plans that meet certain triggering criteria. The requirement was established by the Texas Legislature in 2015 and updated in 2021.

More information about FSRP types and triggering criteria can be found on the PRB website.

Investment Performances and Practices Evaluation

Texas Government Code §802.109 requires Texas public retirement systems with assets of at least $30Million to complete an Investment Practices and Performance Evaluation. The IPPE evaluates the appropriateness, adequacy, and effectiveness of the system’s investment program.

The most recent IPPE for AFRF can be found on the Investment Reports page.

Investment Policy Statement

An investment policy statement is a document that outlines the general rules and guidelines for managing a fund's money. The IPS describes a fund's financial goals and investment objectives as well as the strategies and asset allocation the investment manager should employ to meet them.

The IPS for AFRF can be found on the Investment Reports page.

Minimum Educational Training

The 83rd Texas Legislature required the Pension Review Board to establish a Minimum Educational Training Program for trustees and system administrators of Texas public retirement systems. The MET requirements include topic areas called core and non-core. The core is designed to cover the fundamental competencies of public pensions necessary for trustees and system administrators to successfully discharge their duties. The non-core includes topics that go beyond the basics and are designed to allow trustees and administrators to gain further expertise in additional areas related to their duties.

More information about MET requirements can be found on the PRB website.

Pension Administration System

The pension administration system is the core of retirement benefits administration. PAS software is used for tracking and managing plan assets, calculating benefits, generating reports and statements for plan participants, and handling plan enrollments and terminations. AFRF is currently in the process of implementing new PAS software. 

PAS implementation updates can be reviewed on the Minutes and Agendas page. 

Pension Review Board

The Texas Pension Review Board is mandated to oversee all Texas public retirement systems, both state and local, in regard to their actuarial soundness and compliance with state reporting requirements under Chapter 802, Texas Government Code.

Further information can be found on the PRB website.

Qualified Domestic Relations Order

A Qualified Domestic Relations Order is a legal document approved by the Fund's legal counsel and filed with a court following a divorce in which the former spouse is entitled to a portion of the retirement benefits.

More information about QDRO procedures can be found on the QDRO page.

Request for Information

A request for information is a formal process for gathering information from potential providers of a service. An RFI is typically the first and most broad series of requests intended to narrow down a list of potential vendor candidates.

Any RFPs issued by AFRF will be announced on the News page.

Request for Proposal

A request for proposal is a business document that announces a project, describes it, and solicits bids from qualified vendors to complete it. An RFP includes an outline of the bidding process and contract terms.

Any RFPs issued by AFRF will be announced on the News page.