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The TRS Board of Trustees met on November 19, 2014 for their bimonthly meeting. The TRS membership rolls remain steady while TRS net assets dropped slightly. As of October 2014 net assets stand at $66,405,161,795. TRS again received a favorable audit from KPMG. More detailed membership, retirement and financial information follows.
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Membership and Retirement Report
- FYTD there are 1,681 retirements compared to 1,645 at this time last year.
- Average years of service for retirees with 10 to 24 years of service is 16.8 years.
- Average years of service for retirees with 25 plus years of service is 30.8 years.
- Average age at retirement is currently 59 years.
- The average monthly benefit for service retirees is $3,120.
- There are currently 109,337 retirees on the TRS rolls.
- There are currently 250,213 active TRS members compared 246,548 at this time last year
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Financial Statements
TRS net assets in September 2014 were $65,480,157,017. TRS net assets in September 2013 were $60,998,955,028. TRS net assets in October 2014 were $66,405,161,795. TRS net assets in October 2013 were $62,751,292,695.
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Audit Committee Report
TRS received a favorable recommendation in the annual audit performed by KPMG. TRS will continue their discount rate of 7.5%.
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Presentation on Security Protocols
In the wake of serious data breaches across the country TRS continues to monitor and implement the most up to date security measures. TRS takes active steps to prevent similar situations from occurring with the TRS system.
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Executive Director Salary
The board voted to approve a 5% pay increase for the executive director starting February 1, 2015. It's been five years since the last increase. The board is required to notify the governor's office of their decision.
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