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The TRS board met for their bimonthly meeting on July 22, 2015. TRS Net Assets were down for the month of June reducing the system's net gain to 3.7% for the year. TRS net assets at the end of June were $66,806,311,945 down from $68,084,986,482 in May. The TRS board welcomed a new member, Ms. Marion Frederick. More detailed information is listed below.
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Membership and Retirement Report
- FYTD there are 7,072 retirements compared to 6,889 at this time last year.
- Average years of service for retirees with 10 to 24 years of service is 16.7 years.
- Average years of service for retirees with 25 plus years of service is 30.5 years.
- Average age for service retirement is 59 years.
- The average monthly benefit for service retirees is $3,173.
- There are currently 112,980 retiree.
- There are currently 244,120 active TRS members compared 239,685 at this time last year.
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Financial Statements
TRS net assets in May 2014 were $65,658,473,442. TRS net assets in May 2015 were $68,084,986,482.
TRS net assets in June 2014 were $66,466,085,996. TRS net assets in June 2015 were $66,806,311,945.
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Adoption of Amended 2016 and 2017 Budgets
Both the FY 2016 amended budget and FY 2017 budget were approved by the board to be submitted to OPB.
The FY 2016 budget was amended to include an increase of $967,046. The additional money covered salary adjustments, fringe benefits, promotions, position changes, backfilling of positions and a 1% salary increase that was included by the budget from the General Assembly.
The FY 2017 budget is based on previous budgets and system needs. It reflects a $780,000 increase in equipment costs for replacement of storage area networks onsite and at the disaster recovery site.
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Legislative Update
SB 246 by Senator Judson Hill (R-Marietta), a bill creating a scrutinized company list, failed to pass on for actuarial study because of missing documentation. These bills require an introduction from the Governor, Lieutenant Governor, or Speaker of the House as well as a fiscal analysis from each public retirement system affected stating the cost of compliance with the legislation and the anticipated annual fiscal losses, if any.
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