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The TRS Board of Trustees held their bimonthly meeting March, 25, 2015. February 2015 TRS net assets rose to $68,108,310,632 and remain up for the fiscal year. The meeting also outlined pending legislation that may impact TRS.
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Membership and Retirement Report
- FYTD there are 3,073 retirements compared to 2,892 at this time last year
- Average years of service for retirees with 10 to 24 years of service is 16.6 years
- Average years of service for retirees with 25 plus years of service is 30.6 years
- Average age for service retirement is currently 59 years
- The average monthly benefit for service retirees is $3,156.
- There are currently 109,769 retirees
- There are currently 251,567 active TRS members compared 248,176 at this time last year
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Financial Statements
TRS net assets in January 2014 were $62,611,779,139. TRS net assets in January 2015 were $65,957,991,899.
TRS net assets in February 2014 were $64,564,425,053. TRS net assets in February 2015 were $68,108,310,632.
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Legislative Update
The following are non-fiscal TRS bills
- HB 217 - this bill expands the allowable investments for public retirement funds to include certain mutual funds and comingled collective investment funds regulated by the Office of the Comptroller of the Currency Department of the Treasury
- HB 250 - this bill allows a TRS retiree to assign their benefits to a trust or spouse to aid in qualification for certain government programs
- HB 270 - this bill changes language in the TRS bylaws (non-substantive changes) and may be used as a vehicle for other bills
- HB 344 - this bill establishes and defines criteria for a Georgia Public Retirement System Trustee Training Council
The following bills will have a fiscal impact on TRS and must be sent for actuarial study before they can be voted on in the 2016 legislative session.
- HB 459 - this bill would increase the number of federal jobs eligible to receive credit in the Georgia Teacher Retirement System
- SB 152 - this bill completely reworks the existing TRS system. Starting in 2017 new teachers would enroll in a hybrid defined benefit/defined contribution plan. For the defined benefit portion teachers would contribute at the same rate as current teachers but would only receive half the benefit of current teachers. There would be no guaranteed Cost of Living Adjustments(COLAs). For the defined contribution portion teachers have the option to join a 401(k) that would include a 100% matching of an amount equivalent to 1% of the teacher's salary and 50% matching up to an additional 2% of the teacher's salary. [Editor's Note: Please watch for PAGE'S upcoming special legislative report on SB 152.]
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