Teachers Retirement System (TRS) held its annual meeting on May 12, 2021. The current net position is $100,539,706,398. Executive Director Dr. James L. C. Evans delivered a legislative update. Actuarial firm Cavanaugh Macdonald presented the June 30, 2020, actuarial valuation report. The annual percentage increase used for salary purposes for FY 2022 is 2.5 percent. The FY 2023 employer and employee contribution rates are 6 percent and 19.98 percent, respectively. Deborah Simonds was re-elected board chair for 2022, and Thomas Norwood was re-elected as vice-chair. Investment committee members for 2022 are Jason Branch, Marion Fredrick, Greg Griffin, Thomas Norwood, Deborah Simonds, and William Sloan. Deborah Simonds was also elected as retired member trustee for 2022.
Membership Report
In April, there were 277,546 active status members with 233,358 of those actively contributing to the fund. There were 137,034 retirees.
In May, there were 122,948 service retirees with an average age of 59 and an average monthly benefit of $3,425.
Financial Statements
The fiduciary net position in March of 2020 was $71,476,381,983.
The fiduciary net position in March of 2021 was $97,429,297,326.
The fiduciary net position in April of 2020 was $77,117,245,248.
The fiduciary net position in April of 2021 was $100,539,706,398.
Legislative Update The following bills were deemed to have financial impact on the system and will be sent for actuarial study over the summer. They may be voted on during the 2022 legislative session.
Adoption of Maximum Percentage Increase for Two-Year Average Salary for FY 2022 Georgia law limits the amount of salary increase that can be used to calculate retirement benefits. For FY 2022, that amount is:
Employees of the Board of Regents 2.5 percent
All others 2.5 percent
Review of June 30, 2020, Actuarial Valuation Results
Actuarial firm Cavanaugh Macdonald presented the actuarial report
TRS had a 2020 funding ratio of 76.2 percent
Adoption of FY 2023 Employer and Employee Contribution Rates
Employee Contribution Rates are 6 percent
Employer Contribution Rates are 19.98 percent