The governing body of the public retirement system and the associated governmental entity (sponsor) is required to formulate a funding soundness restoration plan (FSRP) if it meets any of the triggering criteria: The system’s actuarial valuation shows that the system’s funding period has exceeded 30 years for three consecutive annual actuarial valuations. The system’s actuarial valuation shows that the system’s funding period has exceeded 30 years for two consecutive actuarial valuations in the case of a system that conducts the valuations every two or three years. Only applicable after Sept. 1, 2025: The system’s funding period has exceeded 40 years for one actuarial valuation. The system’s funding period is between 30 and 40 years and the funded ratio is less than 65 percent for one actuarial valuation. An FSRP is due two years from the valuation date of the actuarial valuation that triggered the requirement to formulate the FSRP. The agreed-to FSRP must be received by the PRB by the 31st day after the day the plan is agreed to.