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The TRS board held its bimonthly meeting on November 18, 2015. TRS Net Assets currently stand at $65,857,076,404. TRS received a clean annual audit report. The board voted to update several actuarial assumptions based on the 5-Year Actuarial Experience Study. More detailed information is listed below.
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Financial Statements
TRS net assets in September of 2014 were $65,480,157,017. TRS net assets in September of 2015 were $62,704,310,488.
TRS net assets in October of 2014 were $66,405,161,796. TRS net assets in October of 2015 were $65,857,076,404.
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5-year Actuarial Experience Study and Adoption of Revised Assumptions
(from July 1, 2009 to June 30, 2014)
The board, based on recommendations from actuarial firm Cavanaugh Macdonald, revised several of the actuarial assumptions currently in place. These changes are made to more accurately reflect the true experiences of the system.
Recommended economic assumption changes
- Price inflation rate reduced from 3 percent to 2.75 percent
- Investment return remains at 7.5 percent
- Wage inflation rate decreased 3.75 percent to 3.25 percent
Recommended demographic assumption changes-
- Withdrawal
- Pre-retirement Mortality
- Disability Retirement
- Service Retirement
- Post-retirement Mortality
- Salary Scale
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Membership and Retirement Report - Fiscal Year To Date, there are 1772 retirements compared to 1681 at this time last year.
- Average years of service for retirees with 10 to 24 years of service is 16.5.
- Average years of service for retirees with 25 plus years of service is 30.8 years.
- Average age for service retirement is 59.2 years.
- The average monthly benefit for service retirees is $3,161.
- There are currently 114,104 retirees.
- There are currently 254,800 active TRS members compared 250,213 at this time last year.
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Cost of Living Adjustments
All TRS retirees are eligible for the January 2016 cost of living adjustment.
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