The TRS Board of Trustees met for their annual meeting May 28, 2014. The TRS Net Position is up to $64,710,868,612. In addition to the financial and membership reports the board adopted the Maximum Percentage Increase for Two-Year Average Salary for FY 2015(4.34%), reviewed the actuarial valuation, elected a trustee skilled in investments, adopted the 2016 employer and employee contribution rates (14.27% and 6% respectively), and elected the TRS board for FY 2015. More detailed membership, retirement, and financial information follows.
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Membership and Retirement Report
Fiscal Year To Date, as of April 30, there are 3420 retirements. This time last year saw 4859 retirements. (This number is skewed by a large number of retirements last year due to the removal of the tax offset. These numbers are commensurate with 2012 retirement numbers).
- Average years of service for retirees with 25+ years of service was 30.2 years in March and 29.7 years in April.
- The average age for retirees with 10-24 years of service was 62.4 in March and 62.3 in April.
- The average age of retirees with 25+ years of service was 57.4 in March and 58.1 in April.
- The average monthly benefit for retirees with 10-24 years of service in March was $1208; in April $1261. The average monthly benefit for retirees with 25+ years of service in March was $3177; in April $3131.
- Year to date there are 104,901 retirees. At this time last year there were 100,599 retirees. Gross benefits paid in 2014 are $312,317,473.
- There are currently 248,520 active TRS members compared to 249,109 at this time in 2013.
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Financial Statements
TRS total assets for March 2014 were $64,602,222,336. Total assets in March 2013 were $58,708,609,855. TRS total assets for April 2014 were $64,710,868,612. Total assets in April 2013 were $59,641,833,176.
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Actuarial Valuation
The Actuarial firm of Cavanaugh and McDonald presented a review of the actuarial valuation of June 2013. The valuation was unanimously accepted by the board.
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Adoption of FY 2016 Employer and Employee Contribution Rates
For all employees hired on or after July 1, 1984 the Maximum Percentage Increase for Two Year Average Salary for FY 2015 is 4.34%. The same rate for the Board of Regents is 3.5%.
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Board Members
Dr. Evans is retiring as TRS board chairman. He served various roles on the TRS board for the last eight years. We wish him well in his future endeavors. Dr. Alvin Wilbanks was elected as TRS board chairman for FY 2015. Dr. Thomas Norwood was reelected as vice chair for FY 2015. He was also reelected to the position of Trustee Skilled in Investments. The investment committee members for FY 2015 are Jennifer Frisch, Steve McCoy, Alvin Wilbanks, Thomas Norwood, Debbie Simonds, and Ralph Steuer.
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